AuDAX Resources.AuDAX is an oil, gas, gold and base metal exploration company with operated and non operated assets in Australia, Italy and Tunisia. Tuesday, August 03, 2010
Gulfsands says ADX Energy resumes drilling at Lambouka oil and gas prospect
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Oil and gas company with assets in Iraq, Syria and Gulf of Mexico, Gulfsands Petroleum (LON:GPX) noted the announcement from ADX Energy (ASX:ADX), which said that drilling operations on the Lambouka-1 well recommenced last week and will include the drilling of a 1,340 metre deep hole to the base of the Birsa Sandstone formation.
ADX Energy operates the Kerkouane Exploration Licence offshore Tunisia, which hosts the Lambouka prospect, and the adjacent Pantelleria exploration permit in Southern Italy.
Drilling was delayed last week due to bad weather which prevented the installation of the blow out preventer on the well head located on the sea floor. The operations resumed after the BOP was installed.
The Lambouka prospect is a large 70 square kilometre area which is predicted to contain three potentially hydrocarbon bearing reservoirs, the first and shallowest reservoir being the Birsa Sandstone. The intention is to fully evaluate the three potential hydrocarbon formation objectives for the well, all of which are proven and producing reservoirs in the Sicily Channel and adjacent the Gulf of Hammamet.
Back in May, ADX Energy - when it was still called AuDAX Resources - entered into a farm out agreement with Gulfsands Petroleum over the two licenses, also known as the Sicily Channel Exploration Permits. This deal concluded the formal documentation required by AuDAX for the funding of the Lambouka -1 exploration well.
Gulfsands is acquiring a 30% participating interest in the Kerkouane licence and Pantelleria permit. The company also expects to participate in the drilling of another exploration well before the end of 2010 in the onshore Chorbane permit, to earn a 40% participating interest.
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