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ADX Estimates Contingent Oil In Place for Sidi Daher Discovery

Source: www.gulfoilandgas.com 11/10/2011, Location: Africa

ADX Energy Limited is pleased to announce the completion of the Operators’ revised mapping and volume calculations utilizing a new seismic interpretation integrating well results from the recent Sidi Dhaher well.

The Sidi Dhaher discovery encountered a thick, porous and permeable Bireno reservoir of upper Cretaceous age overlaid with an 80 m sealing shale section. Subsequent down hole pressure measurements and sampling confirmed the presence of an oil column. Based on the available data ADX has estimated the mean contingent oil in place (OIP) resource for the Sidi Dhaher oil discovery to be 51 mmbbls. The confirmation of recoverable volumes and resulting potential reserves are contingent upon a successful well test with the objective of proving commercial flow rates and likely recovery factors. ADX is currently in the process of finalizing rig selection to progress with well testing as soon as practically possible.

The Sidi Dhaher discovery is located in the 2,428km2 large Chorbane Exploration Permit onshore central Tunisia near the port city of Sfax. It is surrounded by several producing oil fields and extensive oil and gas infrastructure. Participant interests in the Sidi Dhaher -1 well will be as follows;
ADX Energy Ltd 40% Operator
Gulfsands Petroleum Plc 40%
XState Resources Ltd 10%
Verus Investments Limited 10%

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