ADX Energy Ltd.

ADX Energy Ltd. has commissioned Envoi Ltd. to assist its search for a partner in its 60% owned and operated Kerkouane and Pantelleria licenses in offshore Tunisia.

In addition, ADX wants the partner to assist in the appraisal of its Dougga field and Lambouka gas discovery.
This opportunity involves two separate licenses, situated on either side of the Tunisian and Sicilian maritime boundary in the northern part of the Gulf of Hamamet and the Sicily Channel, offshore northeast Tunisia.

The Kerkouane and Pantelleria licenses, together with ADX’ 100% interest in the contiguous exploration license (which is not part of the farmout), provide a strategic acreage position over some 5,000 square kilometers.

ADX acreage is underexplored when compared with the established and productive Pelagean foreland basin play immediately to the south in Tunisia. ADX is looking for a partner to earn up to half of its 60% interest in both the Kerkouane and Pantelleria licenses in return for a contribution to the past costs associated with three-dimensional survey and a commitment to fund ADX 60% share of the appraisal drilling, re-entry and testing programs planned for the Dougga field.

There is a minimum expenditure obligation for the first renewal period of $30 million, which includes one obligation to well to a minimum depth of 2,500 meters that ADX plans to fulfill with a crestal appraisal well on the Dougga field.