ADX Energy Ltd is pleased to report that a 30 month extension of the exploration period for the EX-10 PARTA permit has been signed with NAMR, the national agency for mineral resources in Romania. The agreement is subject to the standard ratification by the Romanian government.
The evaluation of the permit and preparation for additional seismic acquisition has been progressed. The main focus was on permitting the 3D area adjacent to the seismic data already acquired in late 2013. In certain areas this process was very slow, or even obstructed by illegal landowner activities. As a consequence of delays which were out of ADX control, ADX had applied for an extension of the current exploration period to be able to complete its seismic and drilling programs.
The extension of the exploration period also enables ADX to resume farmout discussions on the permit.