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Audax Signs Farm-In Agreement on Chorbane Permit

Source: www.gulfoilandgas.com 3/23/2010, Location: Africa

AuDAX Resources Ltd is pleased to announce that it signed a farmin agreement with Bombora Energy Pty Ltd for participation in exploration of the Chorbane Permit onshore Tunisia. Bombora is a private energy company based in Perth, WA. Bombora will earn a 10% interest in the Permit by paying 20% of the first exploration well.

The Chorbane permit is located onshore central Tunisia near the port city of Sfax and covers an area of 2,428 square km. It is surrounded by several producing oil fields and extensive oil & gas infrastructure. Previous exploration work in the Chorbane permit has identified a number of prospects and leads, the most prospective being a large tilted horst block (“Sidi Daher”) with multiple targets and recoverable resources of 120 mmboe (AuDAX estimate). The forward work commitment for the Chorbane permit requires 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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