Gulf Oil and Gas accountACCOUNT

ADX Buys Back 20% Interest in Lambouka

Source: www.gulfoilandgas.com 8/12/2011, Location: Africa

Share |
ADX Energy Ltd is pleased to announce a Sale and Purchase Agreement has been executed to buy back a 20% interest in the Lambouka Prospect Area in the Kerkouane Permit from Carnavale Resources Limited and to cancel the option of CAV to purchase an interest in that part of the Lambouka prospect that extends into Italian waters.

The key terms of the sale are as follows;
· Upon payment of US$ 765,000 by CAV to ADX for past joint venture costs and satisfaction of other conditions precedent, ADX will issue to CAV 11,172,535 shares. Approximately 70% of the shares will be subject to an escrow period on a phased basis.
· In the event that production is derived from a development of hydrocarbons discovered in the Lambouka #1 well drilled in 2010 ADX will pay two production payments of US$ 1million each; “Production payment 1” after 6 months of continuous production and “Production payment 2” after twelve months of continuous production.
· The sale is subject to joint venture pre-emption.

ADX farmed out a 20% interest in the Lambouka Prospect Area to CAV in early 2010 to provide funding for the Lambouka #1. The Lambouka-1 well intersected a gas column interpreted based on comprehensive LWD (logging while drilling) and a wireline logging data set which was recovered during the drilling of the well. Unfortunately due to instability of the borehole while drilling and evaluating Lambouka, it was not possible to test the well.

Lambouka is located approximately 70 km North East of onshore Cap Bon in the Sicily channel. The Dougga gas condensate discovery is located approximately 22 km SSW of Lambouka. Upon conclusion of this transaction ADX will hold a 50% interest in the Lambouka Prospect Area. ADX holds a 100% interest in the remaining Pantelleria License area, over which some Kerkouane participants have options, and the Kerkouane Permit area. ADX operates all licenses and has recently announced the award of the adjacent offshore exploration permit d 364 C.R-.AX in Italian waters acquired at 100% equity interest.

Acquisitions and Divestitures News in Tunisia >>

Spain >>  2/22/2018 - Columbus, the oil and gas producer and explorer focused on onshore Trinidad with the ambition to grow in South America, provides the following update ...
Ghana >>  2/19/2018 - Aker Energy AS, a 50-50 joint venture between Aker ASA and TRG AS, has entered into an agreement with a subsidiary of Hess Corporation to acqui...

Russia >>  2/19/2018 - PAO NOVATEK (NOVATEK) won the open auction to acquire a 100% stake in Maretiom Investments Limited (owns 100% equity share in Geotransgaz) and 100% of...
United Kingdom >>  2/19/2018 - Baron Oil PLC has entered into an option agreement with Corfe Energy Limited to be assigned part of its rights to farm in to UK North Sea Licence P223...

United Arab Emirates >>  2/18/2018 - On behalf of the Abu Dhabi Government, the Abu Dhabi National Oil Company (ADNOC) signed an agreement with Cepsa, a Spanish integrated oil and gas com...
United Kingdom >>  2/16/2018 - Angus Energy Plc, the conventional oil and gas production and development company, announces that pursuant to the Company’s 22 January RNS it has init...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Tunisia Oil & Gas 1 >>  2 | 3 | 4 | 5 |

Oil & Gas Projects in Tunisia >>

More News

 

Oil & Gas Companies in Tunisia >>


Related Links

AO BJ BW CD CG CI CM DZ EG ET GA GH GM GN GQ GW KE LR LY MA MG ML MR MZ NA NE NG RW SC SD SL SN SO ST SZ TD TN TZ UG ZA ZM
Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Privacy Policy.