ADX Spies Hydrocarbons at Lambouka Well

The Atwood Southern Cross semisub is drilling ahead on the Lambouka well, and is at a measured depth of 8,238 feet (2,511 meters). The primary target of the well, the Abiod formation, was encountered. The Abiod intersection was associated with some losses of circulation fluids, an increase in background gas shows and an anomalously high resistivity on the Measurement While Drilling electric logs. The current evaluation data that was gathered is preliminary only, stated the operator, and does not provide a reliable basis on the interpretation of the reservoir quality or content. When the well reaches a total depth, a comprehensive suite of evaluation logs will be performed. The Lambouka prospect is situated in the Kerkouane permit offshore Tunisia in a water depth of roughly 1,312 feet (400 meters) of water. AuDAX serves as the operator, holding a 30% interest. Partners on the license are Gulfsands Petroleum, holds 30%; Bombora Energy holds 10%; Carnavale Resources holds 20%; PharmAust holds 10%.

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