Envoi Markets ADX Prospects

Envoi, a specialist in marketing, acquisition, and advisory services to the international upstream industry, has been commissioned by ADX Energy to aid in finding a farm-in partner to participate in its 60% owned and operated Kerkouane and Pantelleria licenses and the appraisal and potential development of the Dougga field and Lambouka gas discovery, plus large exploration upside, all contained within their acreage. The opportunity involves two licenses, situated one on either side of the Tunisian and Sicilian maritime boundary in the northern part of the Gulf of Hammamet and the Sicily Channel, offshore northeast Tunisia.

ADX is looking for a partner to earn up to half their 60% interest in both the Kerkouane and Pantelleria licenses in return for a contribution to the past costs associated with the 3D seismic survey and a commitment to fund ADX’s 60% share of the appraisal drilling, re-entry, and testing programs being planned for the Dougga field and Lambouka-1 discovery (estimated to be $56 million drilled and tested). An alternative plan under review would be to drill the highly prospective Dougga West exploration prospect after the Dougga appraisal well, albeit the combined cost would increase to about $60 million for the two wells. Lambouka could be drilled later, when further assessment of its significant cross border closure confirms how it could best be developed.

The Kerkouane and Pantelleria licenses, together with ADX’s 100% interest in the contiguous exploration License d 364 C.R-AX (not part of the farm-out), provide a strategic acreage position over some 5,000 sq km, spanning the highly prospective Tertiary Miocene clastic and Upper Cretaceous fractured limestone plays in the foothill and inverted foreland trends immediately south of the regional thrust belt.