ADX Energy Ltd says that the Government of Tunisia has approved the renewal of the Kerkouane exploration license ('permis de recherche d'hydrocarbures') and granted three more years for exploration and appraisal activities until 22 February 2014. The exploration license can then be renewed for another three years.
ADX and its partners have committed to the following work program in order to obtain this renewal:
• Well test the Lambouka discovery
• Drill a well to a minimum of 2500 meters or drill to the Jurassic reservoir levels in case such a target is a viable economic prospect and can be identified on the newly acquired dual sensor 3D seismic.
• Relinquish 772 km2 of the license area. With that the new Kerkouane license comprises an area of 3080 km2.
The current license contains a number of large appraisal and exploration targets such as:
• Dougga gas condensate field (covered by 3D seismic)
• Lambouka discovery (covered by 3D seismic)
• Dougga-NW ('Son of Dougga') prospect (covered by 3D seismic)
• Newly identified structural - stratigraphic prospects in the Pliocene section (partly covered by 3D, analogy to the very large offshore Sicily discoveries recently made by ENI and Edison)
• Several very large structural prospects typical for the overthrust area in the northern part of the license (covered by 2D seismic).
The following Joint Venture is participating in the Kerkouane permit:
ADX 60% Operator
Gulfsands Petroleum Plc 30%
XState Resources Ltd* 10%
*XState has an option with ADX to increase XStates interest in Dougga to 20% under agreed farmin terms. If exercised ADX interest would decrease to 50%