ADX Energy has announced the completion of the award process for the marine exploration permit license d 364 C.R-.AX in Italy. The nearby exploration permit d 363 C.R-.AX is under claim by ADX.
The permit awarded to ADX is contiguous to the company’s offshore Tunisian Kerkouane permit that includes the Lambouka gas exploration and the Dougga gas condensate discovery.
The previous research work within the Kerkouane and Pantelleria permits has discovered many leads and prospects, and prospective hydrocarbon fairways that remained hidden in the previous exploration work. This explanation has been confirmed by the recent geophysical data. These prospective fairways drift into the marine area shielded by the new exploration permit. The new permit has not observed modern seismic techniques, however, achievement in the area has intrigued the recent attention of majors including Repsol and Shell.
The combination of high probability and first-rate financial terms in Italy defines the ongoing strategy of ADX on areas that offer valid materiality, prospectivity and possibility for rapid commercialization. ADX, the operator of the permit, has a 100% interest.
Source: http://www.adxenergy.com.au/