ADX signs Farmin Agreement for Chorbane Permit, Onshore Tunisia
Thursday, Jan 03, 2013
ADX Energy Ltd is pleased to announce that its wholly-owned subsidiary, Alpine Oil & Gas Pty Ltd. (“Alpine”), has entered into a definitive farmin agreement (the “Farmin Agreement”) with Rift Basin International Corp. (“Rift Basin International”).
Pursuant to the terms of the Farmin Agreement Rift Basin International can earn an undivided 15% working interest in the Chorbane exploration permit (the “Permit”). The Permit is located onshore Tunisia in the Pelagian Shelf (Sahel Plains) of the Pelagian Basin near the port City of Sfax and contains oil & gas infrastructure. It occupies an area of 1,940 km2 and is governed by a production sharing contract (“PSC”) with L ntreprise Tunisienne d c vites Petrolières (“ETAP”).
Rift Basin International is listed on the TSX Venture Exchange under the symbol “RIF”. dditional information about Rift Basin is available under Rift Basin s SEDAR profile at www.sedar.com.
Source: ADX Energy Ltd.
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