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ADX Energy Ltd

ADX Energy has three potential company‐transforming assets, in the appraisal and pre‐development phase in Italy, Romania & Tunisia. All appear technically and economically feasible and are third party verified. ADX faces financial constraints and a key objective this year was to secure funds for drilling and in recent months has done so in respect of Romania & Italy. If imminent farm‐out in Tunisia is successful, then ADX will have a three well drilling program in 2019, which should materially support its development plans, and catalyze the share price.

Key points:

  • Contingent resource of 163 MMboe across the asset base.
  • Two well appraisal program in Romania.
  • Secured farm‐in partner for Nilde oil re‐development offshore Italy, which should help secure tenure.
  • Appraisal drilling offshore Tunisia, farm‐out underway.

ADX’s assets are at various stages of maturity.

  • Appraisal onshore Romania has attracted funds from a UK E&P Reabold Resource and will initiate drilling in 2019. Valuation outcomes are meaningful to ADX, scale‐able and offer the promise of rapid cash returns.
  • Committed drilling offshore Tunisia at Dougga is appraisal of a discovered resource, and if successful could trigger a large gas project. This is a complex project and farm‐out ahead of drilling is pivotal.
  • Development: The Nilde project offshore Italy is a known field and offers the greatest absolute upside but tenure is not certain. If the license is ratified by Italian authorities, it would be a major catalyst for ADX.

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More details about ADX Energy Ltd

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Markets: Gas, Oil