ADX Energy’s wholly-owned subsidiary, Alpine Oil & Gas, terminated its farm-in agreement with Rift Basin International in regards to a property in Tunisia. Under the terms of the canceled farm-in agreement, Rift earned an undivided 15% working interest in Tunisia’s Chorbane exploration permit; unfortunately Rift failed to meet the terms of the agreement.
ADX said that the other company failed to fulfill its farm-in obligations, despite several extensions to the completion date. ADX therefore recommenced its farm-out efforts with other interested companies for part or all of its remaining 30% interest in the permit.
ADX is partially carried via an earlier farm-out to Gulfsands Petroleum.
The new operator, Gulfsands, is considering a seismic acquisition program over an area previously mapped and highly ranked by ADX. The so called SAG Prospect area in the eastern part of Chorbane is only about 10 km away from two producing oil fields and has good access to a mature hydrocarbon generation area. Hydrocarbon charge is expected and several stacked prospective targets could be tested by one well.
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