ADX gets Chorbane renewal

by on July 23, 2012 3:48 am BST

ADX said the Tunisian authorities had approved the renewal of the exploration period until 12 July 2015 with the minimum work obligation under the three year period requiring the company to drill one exploration well to a depth of at least 2500 metres.

It added that under the terms of the renewal 20% of the permit area would be relinquished.

ADX and its partners recently drilled the Sidi Daher-1 well on the permit but the well was plugged and abandoned after it failed to recover hydrocarbons during testing last month.

ADX holds a 40% operated interest in the Chorbane permit and is partnered by Gulfsands Petroleum (40%), XState Resources (10%) and Verus Investments (10%).