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TRACS Completes Dougga Competent Person's Report

Source: www.gulfoilandgas.com 3/2/2011, Location: Africa

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ADX Energy has announced that following the ASX Dougga interim resource results update from November 4 2010, the competent person's report (CPR) has been completed by TRACS-AGR. This independent review by a highly reputable resource certification company has resulted in a number of encouraging findings which indicate that the Dougga gas field is a potentially viable resource, and that the planned Dougga appraisal well is an important next step to confirming its commercial potential.

Highlights of the Dougga independent evaluation:
· Mean recoverable Contingent resources are 41 million barrels of liquids (condensate and LPG) and 191 bcf of sales gas.
· 20% increase of gas in place (GIIP) volumes for the high confidence (P90) case compared to previous work based on 2D seismic. The recently acquired 3D seismic has significantly increased the certainty of the project.
· Development of Dougga can be undertaken with proven, off the shelf technology.

ADX currently holds 60% equity and is the operator of the project, with Gulfsands holding 30% and Xstate holding 10%.

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