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  • ADX Energy Starts Romanian Seismic Acquisition 0 comments
    Feb 12, 2013 11:58 PM

    ADX Energy (ASX: ADX) has kicked off a 3D and 2D seismic program to upgrade existing targets and delineate additional drillable prospects at its Parta exploration licence onshore Romania.

    The 3D seismic targets predominantly oil prospects identified on vintage 2D seismic close to producing oil fields while the 2D seismic will further delineate a mix of oil and gas prospects identified on vintage 2D seismic data.

    The program of 200 square kilometres of 3D seismic and 190 line kilometres of 2D seismic is expected to be completed during the second quarter of 2013.

    This is about twice of what ADX is required to acquire under its permit commitments.

    ADX added the seismic acquisition will allow the first exploration well to be drilled as early as the fourth quarter of 2013.

    Parta permit

    The 1,221 square kilometre Parta concession contains several excised oil and gas fields with total proved and probable reserves of 12 million barrels of oil and 50 billion cubic feet of gas.

    Despite this, it is considered to be underexplored and has not been covered by modern seismic.

    Geological and geophysical work by ADX to date has led to the identification of several conventional leads and prospects which are estimated to cumulatively contain a recoverable mean prospective resource potential of 47MMbbl of oil and 480Bcf of gas.

    The main drilling targets are situated between 800 to 2000 meters depth while the main gas potential is in the shallower section.

    Geotechnical studies carried out by ADX have identified two independent fairways within the migration pathway of the MAKO source kitchen.

    The MAKO trough contains the Algyo Field in Hungary which has historical production of 2.6 trillion cubic feet of gas and 225MMbbl of oil.

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

    RAG has been exploring for and producing oil and natural gas in Central Europe since its foundation in 1935

    ADX and its partner are required to acquire both 2D and 3D seismic and drill two exploration wells before May 2015.

    Romania

    Romania contains south-eastern Europe's most significant oil and gas reserves and has surplus refining capacity.

    It also offers a favourable tax and royalty regime.

    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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