ADX Rig Selection Approved by Tunisian Authorities
ADX Energy Limited announced that ETAP (Enterprise Tunisienne D'Activites Petrolieres) has approved the rig tender evaluation for the drilling of Sidi Daher 1 well on the Chorbane permit as proposed by ADX.
This approval places ADX in the fortunate position of having the choice of four compliant onshore drilling rigs which are technically capable of drilling the Sidi Daher-1 well. The final decision on the preferred drilling rig will be made within the next few days based on commercial criteria and earliest possible spud date. At this stage a spud date in January 2011 is anticipated for Sidi Daher.
Participant interests in the Sidi Daher -1 well will be as follows:
- ADX: 40% Operator
- Gulfsands Petroleum Plc: 40%*
- XState Resources Ltd (ASX:XST): 10%*
- Verus Investments Limited (ASX:VIL): 10%*
(*)Note: The respective participant interests in the Sidi Daher well and the Chorbane Permit are based on the completion of all farmin obligations
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