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AUDAX RESOURCES - Vom ÖL-Explorer zum Producer in 2010

ISIN: AU000000ADX9 | WKN: 875366 | Symbol: GHU
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ASX Release

22nd March 2010

AuDAX accepts farm in offer from Gulfsands on the Chorbane Permit in Tunisia

AuDAX Resources Ltd (ASX:ADX) announces that it accepted a farm-in offer from Gulfsands Petroleum Plc („Gulfsands‟) for participation in exploration of the Chorbane Permit onshore Tunisia (see attached figure) where AuDAX is the operator and holds a 100% interest.
Gulfsands is a London based, international oil and gas exploration, development and production company with oil and gas production in Syria and the Gulf of Mexico and business development activities in Iraq.
Gulfsands will earn a 40% interest in the Permit by paying 80% of the cost of one exploration well to be drilled later this year. Finalisation of formal farm-in documentation for this transaction has yet to be completed and remains subject to board approvals of both AuDAX and Gulfsands.
The Chorbane permit is located onshore central Tunisia near the port city of Sfax and covers an area of 2,428 square km. It is surrounded by several producing oil fields and extensive oil & gas infrastructure. Previous exploration work in the Chorbane permit has identified a number of prospects and leads, the most prospective being a large tilted horst block (“Sidi Daher”) with multiple targets and recoverable prospective resources of 80 mmboe (AuDAX estimate).
Following signing of the Production Sharing Contract for the Chorbane Permit in September 2009, AuDAX has undertaken detailed evaluation work on data which has recently become available. This has led to a high ranking of the Sidi Daher prospect due to a seismic DHI (direct hydrocarbon indicator). In a conservative scenario the reservoir is a “gas only” accumulation within the bounds of the DHI and AuDAX estimates that the structure may contain a total of 175 Bcf of recoverable gas resource (probabilistic mean case).
The forward work commitment for the Chorbane permit requires the drilling of one exploration well.
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ASX Release
12th April 2010


AuDAX Resources Ltd (ASX:ADX) is pleased to announce that the Geostreamer 3D
seismic acquisition with the PGS Atlantic Explorer vessel in the Sicily Channel, is
approximately a week ahead of schedule despite challenging offshore weather conditions.
The acquisition of the 3D seismic fast track cube over the Lambouka prospect was
completed on the 1st April and is already being processed to be ready in time for the
selection of the location for the Lambouka well. It is expected that the new data will
enable the well to be optimally located on what is a very large and robust structure that is
currently defined on 2D seismic.
Paul Fink, AuDAX Technical Director commented, “the onboard QC results for the
seismic acquired look very encouraging and of excellent quality. The positioning of the
Lambouka well location on state of the art 3D seismic will further reduce exploration
The expected completion date for the entire survey is the 16th of April 2010.
ASX Release
19th April 2010


AuDAX Resources Ltd (ASX:ADX) is pleased to advise that the Geostreamer 3D
seismic acquisition was completed on the 15th April. The program undertaken with the
PGS Atlantic Explorer vessel in the Sicily Channel permits was approximately one week
ahead of schedule.
The acquisition of the 3D seismic fast track cube over the Lambouka prospect was completed
on the 1st April. Processing of the fast track cube is expected to be completed on the 1st of
May ready for the selection of the location for the Lambouka well. The new data will help to
optimally locate the well on what is a very large and robust structure.
Paul Fink, AuDAX Technical Director commented “that all of the onboard QC results looked
very encouraging and of excellent quality”.
Expected spud date for the exploration well Lambouka is the 15th June 2010.
ASX Release
20th April 2010

Corporate Update

AuDAX Resources Ltd (ASX:ADX) is pleased to report that it has made significant
progress in the transformation of the Company from a Minerals and Petroleum Company
to a focused Oil and Gas explorer.
During the past two years the company has achieved several important targets which
have positioned AuDAX as a potentially high growth energy company. These milestones
• The recruitment of experienced oil and gas management team with extensive
experience in the company’s current geographic focus areas.
• The acquisition of prospective acreage at high equity interests onshore Tunisia,
offshore Tunisia and Italy (Sicily Channel).
• The maturation of two high impact prospects to be drilled during the second half
of 2010.
• The completion of several farmin agreements which will provide the majority of
the funding for drilling and the acquisition of 3D seismic in the Sicily Channel
• Transformation of the Company’s Board to experienced oil and gas specialists
with appropriate corporate and finance experience.
The Company reported earlier this year that it intended to demerge its mineral assets to
enable the company to focus on its oil and gas interests, generate shareholder value from
its mineral assets and enable the new entity to secure funding for the exploration,
appraisal and development of its mineral assets.
The new entity now has an experienced management team and Board in place for the
minerals business and is making good progress for an intended Initial Public Offering
(“IPO”) in the near future. Your company will provide a comprehensive release in due
course to explain the terms of the IPO. AuDAX will retain a substantial interest in the
new entity and your Board expects that this will result in generation of value for AuDAX
As a consequence of the Company’s transition AuDAX plans to change its name to ADX
Energy Ltd to ensure there is no ambiguity in relation to the Company’s core business
and the progression of the Company from the Minerals sector to the Energy sector of the
AuDAX Chairman Mr Tchacos commented, “on behalf of the Board I look forward to
providing further updates to our shareholders in relation to the transformation of your
Company to a focussed energy company, with a potentially valuable shareholding in an
independently managed and funded minerals entity.”
Antwort auf Beitrag Nr.: 39.367.354 von rammazotti am 20.04.10 14:11:08die gelegenheit von anfang an dabei zu sein :eek:
Antwort auf Beitrag Nr.: 39.367.660 von eurasya am 20.04.10 14:52:25Ja das glaube ich auch, das Projekt klingt hochinteressant. Informationen dazu stehen auf der Website des Unternehmens
http://www.audax.com.au/ Auch die Farmin Partner Carnavale Resources und Pharmaust sind eine Sünde Wert!
Antwort auf Beitrag Nr.: 39.367.306 von rammazotti am 20.04.10 14:04:19toller nick :)

prooooost :laugh:
Antwort auf Beitrag Nr.: 39.367.660 von eurasya am 20.04.10 14:52:25eurasya
Registriert seit: 12.04.2010 [ seit 9 Tagen ] Benutzer ist momentan: Online seit dem 20.04.2010 um 17:19
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Antwort auf Beitrag Nr.: 39.369.293 von suuperbua am 20.04.10 17:54:05hast du ein problem damit? :p oder dürfen hier keine neuen mitglieder posten chef :laugh::laugh:

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