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Wednesday, November 8, 2017
ADX Energy reported that pursuant to a Hydrocarbon Consultative Committee Meeting, held on October 31, Tunisia’s Director General of Hydrocarbons (DGH) has advised ADX via its wholly owned subsidiary Alpine Oil and Gas (AOG),that its change of work program application has been accepted.
The approved change allows AOG to drill the Dougga Sud well and undertake productivity testing of the Dougga reservoirs with a view to establishing their productive potential (the previous work program requirement was the drilling of an exploration well and the acquisition of 500 sqkm of 3D seismic). The revised work program replaces the previous work program outlined in the Kerkouane License’s first renewal period, and is a precondition to the entry for a second renewal period of three years.
The DGH has also advised the requirement for a bank guarantee in relation to the modification of the work program which will be lifted upon the testing of the Dougga Sud well. ADX will engage in discussions with the DGH to determine the level, timing and form of the required guarantee. ADX will inform shareholders in relation to the outcome of such discussions in the coming weeks.
The DGH has advised that the renewal of the permit will be granted upon the completion of the drilling and testing of Dougga Sud. ADX executed a drilling contract with Noble Drilling Services enabling the drilling of Dougga Sud utilizing the GlobeTrotter II drill ship on October 9. The contract delivers an excellent technical and commercial option for the drilling and the productivity testing of the well during H2 2018.
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