AuDAX Announce Resources Upgrade at Dougga

ADX Energy Ltd is pleased to announce a significant increase in the resource potential at its Dougga Gas Condensate discovery offshore Tunisia, based on the results of ADX remapping using its leading edge dual sensor 3D seismic data acquired earlier in 2010. ADX holds a 60% interest and is operator of Dougga and the surrounding Kerkouane permit.

Highlights
• Increase of in place gas and condensate volume estimates across all confidence categories – 42% for P(90), 26% for P(50) and 11% for the P(10) estimate.
• Inferred revised mean recoverable Contingent Resource of 234 bcf Sales Gas and 50 mmbbls of condensate and LPGs (89 million barrels of oil equivalent).
• 3D seismic mapping indicates 300 meters of updip potential from Dougga 1 discovery well, which is interpreted to have intersected a 200+ metre column of gas and condensate.

These results are an important first step in the ongoing technical and commercial assessment of the Dougga discovery that will incorporate an independent resource assessment, an independent review of development options and associated costs and an economic assessment. The objective of the studies is to establish the technical and commercial feasibility of the Dougga discovery after incorporating the results of an appraisal well planned for 2011. A detailed development review and resource assessment study has been initiated with AGR Tracs International Consultancy Ltd (“Tracs”).