AuDAX Resources Ltd has executed all necessary Joint Venture Agreements with World Energy Research in respect of the farm out of a 40% interest in the Sambuca prospect located within the two contiguous offshore Exploration Permits, G.R15.PU and Kerkouane.

G.R15.PU is located offshore the island of Pantelleria southwest of Sicily in Italian waters and the Kerkouane Permit is located offshore northeast Tunisia.

World Energy Research will earn a 40% interest in the Sambuca prospect by paying 100% of the expected drilling cost of US$23 Million.

Exploration work within the Pantelleria and Kerkouane Permits has identified a number of prospects and leads, the most prospective being Sambuca, which appears to be one of the largest undrilled structures in the Mediterranean Sea with a total P50 unrisked recoverable resource potential of 270 million barrels of oil equivalent. The total P50 unrisked recoverable resource of the mapped prospects in both permits could exceed one billion barrels of oil equivalent.

The forward work commitment for the Kerkouane permit requires completing the tendering process for an offshore rig and receiving environmental approvals for offshore drilling.

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