Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

ADX Energy Signs Second Agreement For Farm Out Of Chorbane Permit

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.