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AuDAX Signs LOI with DNO for Chorbane Permit

Source: www.gulfoilandgas.com 10/16/2009, Location: Africa

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AuDAX Resources has announced that it signed a Letter of Intent (LoI) with DNO International for participation in exploration of the Chorbane onshore permit in Tunisia. AuDAX is the operator and holds a 100% interest. DNO is a reputed Norwegian listed exploration and production operator with petroleum assets in Europe, Africa and the Middle East.

DNO would earn a 50% interest in the Permit by paying 100% of the first exploration well. The LoI is subject to a number of conditions precedents including the signing of a farm-in agreement. The execution of the farm-in agreement would be subject to all necessary government approvals and formal documentation.

Previous exploration work in the Chorbane Permit has identified a number of prospects and leads, the most prospective being a large structure, the 'Sidi Daher' with multiple oil targets and recoverable prospective resources in the order of 20 to 80 mmbbls (AuDAX estimate). The Chorbane block is surrounded by oil and gas fields and within an area of excellent oil and gas infrastructure. The forward work commitment for the Chorbane permit requires reprocessing of 1000km of 2D seismic processing and the drilling of one exploration well.

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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 


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