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.
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