Nilde Area Permit Farmout – Offshore Italy

Source Press
Company ADX Energy Ltd 
Tags Asset Deals, Deals, Upstream Activities
Date October 31, 2018

Highlights

 Drilling and Seismic Work Program Fully Funded to earn a 50% Interest and a 5% Net Profits Royalty.

 Farminee - SDP SERVICES LIMITED (SDP) brings strong financial and operating capacity. o An Oil and Gas Services Company with Onshore and Offshore Rigs, Seismic and Logging equipment.

 The Farmin by SDP significantly enhances the financial capability of ADX and the likelihood of Permit ratification by Italian Authorities

 The transaction is conditional upon ratification of the Permit by the Italian Authorities

 Subject to ratification ADX is now in a position to progress the appraisal of the highly profitable Nilde Oil field Redevelopment Project

ADX Energy Ltd (ASX Code: ADX) is pleased to announce that it has signed an agreement with SDP Services Limited (“SDP”) to farmout a 50% interest in the d 363 C.R-.AX Permit (License) containing the Nilde Oil Redevelopment Project and the successfully tested Norma and Naila oil discoveries Offshore Italy. SDP will fund the work program commitments of Audax Energy Srl (Audax) a wholly owned subsidiary of ADX up to a maximum of Euro 20.82 million to earn a pro-rata interest of 50% upon completion of funding. The transaction is conditional upon the Italian Licensing Authorities ratifying the License. Upon ratification of the License SDP will receive 5% net profits royalty interest attributable to any future production from the Nilde Field. ADX will remain operator of the license.

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Source: EvaluateEnergy® ©2019 EvaluateEnergy Ltd