Atwood Southern Cross to Spin Bit at Sambuca Offshore Tunisia

AuDAX Resources announced that Atwood Oceanics has been selected as the successful bidder to provide Drilling Rig Services for the deepwater Sambuca prospect in the Kerkouane permit offshore Tunisia. Atwood will be providing the Atwood Southern Cross semisubmersible offshore drilling unit to conduct the work program.

The technical and commercial evaluation results were approved by ETAP (Enterprise Tunisienne D'Activites Petrolieres) in Tunis.

Subject to signing a final agreement and receiving respective government approvals, AuDAX expects to drill the Exploration well to test the Sambuca prospect in the preferred weather window of summer 2010.

The Sambuca prospect appears to be one of the largest undrilled structures in the Mediterranean Sea with a total P50 recoverable resource potential of 270 million barrels of oil equivalent.