AUDAX RESOURCES - Vom ÖL-Explorer zum Producer in 2010 (Seite 2309)

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ASX Release
19th April 2010

3D SEISMIC ACQUSITION COMPLETED

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.

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ASX Release
12th April 2010

3D SEISMIC OPERATIONAL UPDATE

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
risks.”
The expected completion date for the entire survey is the 16th of April 2010.

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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.