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Proactiveinvestors is a leading multimedia news organization, investor portal and events management business with offices in New York, Sydney, Toronto and London. Proactiveinvestors operates five financial websites in four languages providing breaking news, comment and analysis on hundreds of... More
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  • ADX Energy Signs Second Agreement For Farm Out Of Chorbane Permit 0 comments
    Nov 27, 2012 6:06 PM

    ADX Energy (ASX:ADX) has signed a second agreement to farm out of its Chorbane permit onshore Tunisia with Rift Basin International.

    Rift will farm-in for a 15% participating interest in the Chorbane exploration permit. Rift has already made a good faith payment of US$100,000 to ADX.

    The parties have agreed that the LOI will terminate on December 15, 2012 unless a definitive agreement is concluded.

    Earlier this week Gulfsands Petroleum farmed in to the permit to take a 10% interest which will see ADX receiving a cash payment of US$100,000 and funding of up to US$600,000 for ADX's share of a planned $2 million seismic survey of Chorbane.

    The transactions will provide ADX with a material source of funding as well as the carry of its retained interest through a seismic acquisition campaign planned for the coming year.

    ADX will focus activities and resources in onshore Romania, offshore Tunisia in the Sicily Channel and central Europe.

    Proactive Investors is a market leader in the investment news space, providing ASX "Small and Mid-cap" company news, research reports, StockTube videos and One2One Investor Forums.

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