Kairiki Energy Limited says that the acquisition of the offshore Exploration Permit G.R15.PU (Pantelleria) within Italian waters was completed. This block is contiguous to the offshore Tunisian Kerkouane Permit where the acquisition closed on 31 July 2008. Kairiki will hold 30% interest in both Permits and AuDAX Resources Limited (ASX:ADX) is the operator and will hold a 70% interest.

Kairiki’s Managing Director Mr Craig Gumley commented “We are pleased that both transactions have now closed on the Sicily Channel Permits. The large drill-ready Sambuca prospect is arguably one of the best undrilled oil prospects in the Mediterranean. ENI’s recent successes in offshore Sicily with the Cassiopea discovery and the Argo appraisal well, where the operator estimates recoverable gas resources of 18 billion cubic metres (~0.5 TCF), clearly demonstrates the prospectivity of the Sicily Channel region.

These Sicily Channel assets provide significant growth opportunities beyond our Philippines SC 54 asset where we have just completed our 100% successful shallow water drilling campaign.”

Tags: Kairiki Energy Limited