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  • ADX Energy To Start Geophysical Operations At Parta Concession 0 comments
    Dec 10, 2012 9:05 PM

    ADX Energy (ASX: ADX) will start geophysical operations on its Parta concession in Romania within a fortnight with all seismic acquisition to be completed by the second quarter of 2013.

    This will in turn allow the first exploration well to be drilled in late third quarter of 2013.

    Ratification of the concession agreement was made by the Romanian Government late in November, this has since been published in the official Romanian Monitor.

    The concession agreement has therefore taken effect as of 4 December 2012.

    ADX has already completed the layout and technical parameters for both the 3D and 2D seismic and has signed a contract with Prospectiuni for seismic acquisition and processing.

    Austrian private company Rohöl-Aufsuchungs Aktiengesellschaft is earning a 50% interest in Parta by paying past costs and a promoted share of future costs.

    The 1,221 square kilometre Parta concession contains 40 identified oil and gas leads that can be evaluated with low cost seismic and drilling programs.

    While several oil and gas fields with total discovered proved and probable reserves of 12MMbble of oil and 50Bcf of gas have been made in the block since the late 1960s, it is still considered to be underexplored and lacks any modern 2D and 3D seismic data.

    Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX "Small and Mid-cap" stocks with distribution in Australia, UK, North America and Hong Kong / China.

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