ADX agrees further farm out of Chorbane permit

ADX Energy Rift Basin farm out

Alpine Oil & Gas, a wholly-owned subsidiary of ADX Energy, has announced it will farm out 15 per cent of its interest in the Chorbane field onshore Tunisia to Rift Basin International

Although the agreement is subject to a number of terms and conditions, Rift Basin has made a good faith payment to ADX of US$100,000.

Both parties have agreed that the letter of intent will terminate on 15 December 2012 unless earlier superseded by the definitive agreement.

Rift Basin’s strategic partner, Gulfsands Petroleum, is also set to acquire an additional 30 per cent participating interest in the Chorbane permit. The company will therefore hold a 70 per cent participating interest and will become operator of the joint venture.

As operator, Gulfsands intends to embark on a seismic programme in 2013, estimated to cost approximately US$2mn.

Following processing and evaluation of the data, the company is expected to drill at least one well on the Chorbane permit during 2014.

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