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ADX Obtains Permit Renewal Onshore Tunisia

Source: www.gulfoilandgas.com 7/23/2012, Location: Africa

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ADX Energy Ltd is pleased to announce that the Tunisian Authorities (Comité Consultatif des Hydrocarbures) have approved the renewal of the Exploration period for the Chorbane permit onshore Tunisia for three years to the 12th of July 2015. Under the terms of the license 20% of the permit area will be relinquished. The agreed minimum work obligation for this three year period is to drill one Exploration well to a depth of at least 2500 meters.

Participant interests in the Chorbane permit;
ADX Energy Ltd 40% Operator
Gulfsands Petroleum Plc 40%
XState Resources Ltd 10%
Verus Investments Limited 10%

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