AuDAX Resources Ltd (ASX:ADX) Seismic Contractor Selected For The Kerkouane Permit, TunisiaFriday November 27 2:16 PMAuDAX expects to acquire the 3D survey over a number of leads and prospects, including the Sambuca prospect and the Dougga field in the first quarter of 2010. PGS will be applying its unique but proven Geostreamer Dual Sensor technology for the first time in Tunisia. The survey will cover approximately 620 sqkm full fold subsurface area. PGS will not earn any interest in the permits from this programme. Paul Fink, AuDAX Technical Director commented that the dual sensor Geostreamer incorporates the latest in technology and would accurately image both shallow and deep reservoir targets in an area where large hydrocarbon resource potential could not previously be interpreted, due to poor seismic imaging on both conventional 2D and 3D data. The Kerkouane permit contains one of the largest undrilled structures in the Mediterranean Sea and several other prospective structures with a total recoverable resource potential of over one billion barrels of oil equivalent. Upon completion the 3D will give the Company a clearer understanding of the targets and confirm the location of the proposed Sambuca exploration well and future evaluation well at the Dougga field. About AuDAX Resources Limited: The company's strategy is two pronged; grow the European and North African oil and gas business in order to expose shareholders to the lucrative European energy market and to promote it's existing Australian energy, gold and base metal portfolio to capitalise on the current high commodity price environment. AuDAX was incorporated in 1987 in order to explore for gold and base metals in Western Australia. The company has recently diversified from its initial minerals focus to include oil and gas exploration. To that effect AuDAX farmed in PEL 182 into the South Australian portion of the Cooper Basin in 2005. AuDAX appointed Wolfgang Zimmer, an oil and gas industry professional with over 27 years experience, as Managing Director in late 2007 to grow the company's oil and gas business. Subsequent director and staff appointments and the establishment of a European office have boosted the depth of oil and gas experience in the company and allowed the company to expand its oil and gas activities. Currently AuDAX operates permits onshore and offshore Tunisia, offshore Italy and onshore Australia and holds an interest in a non operated block in onshore Romania. AuDAX is also a participant and operator of a number of AMI's (Area/s of Mutual Interest) that enable it and its partners, Nexus Energy and Kairiki Energy, to efficiently act upon business opportunities. Contact: Wolfgang Zimmer Managing Director Tel: +43-0-676-358-1214 www.audax.com.au Gary Roper Chairman Tel: +61-8-9226-2822 www.audax.com.au Source: AuDAX Resources Limited Copyright (C) 2009 ABN Newswire. All rights reserved. |
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