Seeking Alpha

Proactive Investor's  Instablog

Proactive Investor
Send Message
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
My company:
Proactiveinvestors
My blog:
Proactiveinvestors
  • ADX Energy Firms Up Second Chorbane Permit Farm Out 0 comments
    Jan 2, 2013 7:51 PM

    ADX Energy (ASX: ADX) has reached a definitive agreement to farm out a further 15% participating interest in its Chorbane exploration permit, onshore Tunisia, to Rift Basin International.

    Under the terms of the farm out ADX will receive a cash payment of US$200,000 on or within 10 days of approval from Tunisian petroleum regulator L'Entreprise Tunisienne d'Activités Pétrolières (ETAP), which has already being received.

    ADX will receive a further US$700,000 upon the earlier of January 31, 2013 and applicable government approval for the farm-in and a further US$300,000 within 10 days of a request to Rift Basin in accordance with the work program and budget for the planned seismic acquisition.

    This transaction is in line with ADX's strategy of focusing its activities and its resources onshore Romania, offshore Tunisia in the Sicily Channel and central Europe.

    ADX will retain a 15% participating interest in Chorbane.

    Rift Basin International

    Rift Basin International is a wholly-owned subsidiary of Rift Basin Resources (CVE: RIF), formerly Mayen Minerals, a Tier 2 mining issuer is seeking to become an oil and gas issuer.

    Rift Basin has a strategic partnership with Gulfsands Petroleum (AIM: GPX), which is earning a further 30% interest in Chorbane to ultimately hold a 70% operating interest.

    The farm-in represents Rift Basin's first oil and gas acquisition.

    Chorbane

    The Chorbane permit is located onshore central Tunisia near the port city of Sfax. The permit is surrounded by several producing oil fields and extensive oil and gas infrastructure.

    Operator Gulfsands plans to start a seismic acquisition program costing about US$2 million this year.

    Following processing and evaluation of the seismic data captured in the upcoming work program, Gulfsands expects to drill at least one well on the Chorbane permit during calendar year 2014.

    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.

Back To Proactive Investor's Instablog HomePage »

Instablogs are blogs which are instantly set up and networked within the Seeking Alpha community. Instablog posts are not selected, edited or screened by Seeking Alpha editors, in contrast to contributors' articles.

Comments (0)
Track new comments
Be the first to comment
Full index of posts »
Latest Followers

StockTalks

More »

Latest Comments


Posts by Themes
Instablogs are Seeking Alpha's free blogging platform customized for finance, with instant set up and exposure to millions of readers interested in the financial markets. Publish your own instablog in minutes.