ADX Energy (ASX: ADX) is in the process of completing two farmouts in relation to its Chorbane permit, onshore Tunisia, that will provide it with a carry through a seismic acquisition campaign next year.
In addition, the transactions will also provide the company with a material source of funding.
Further details on the terms of these agreements and its new partners will be announced in the near future.
ADX's focus of exploration at Chorbane has shifted to the east, which is on trend with producing oil and gas fields.
The prospects being matured are significantly lower risk than Sidi Dhaher in relation to oil & gas charge and some of them also offer large prospective resource potential.
One prospect has emerged as the most likely candidate to be covered by further seismic and may potentially be the target for exploration drilling, which is expected by 2014.
Vintage well data has already proven the presence of oil and gas and good reservoir in the larger prospect area.
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.