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ADX signs LOI for further farmout of the Chorbane permit

Wednesday, Nov 28, 2012

ADX Energy Limited (ASX:ADX) announces that its wholly-owned
subsidiary Alpine Oil & Gas Pty Ltd. (“Alpine”) has entered into a letter
of intent (“LOI”) with Rift Basin International Corp. (“Rift”).Under the
terms of the LOI it is proposed that Rift, through Rift Basin International,
will farm-in for a 15% participating interest in the Chorbane exploration
permit located in Tunisia (the “Proposed Transaction”). Rift has already
made a good faith payment of US$100,000 to ADX. The Proposed
Transaction is subject to a number of conditions, including but not
limited to, applicable regulatory approval (including approval of the TSX
Venture Exchange), due diligence and the execution of a definitive farm-
in agreement (the “Definitive Agreement”). The parties have agreed
that the LOI will terminate on December 15, 2012 unless earlier
superseded by the Definitive Agreement.

ADX will provide full details of this transaction when a Definitive
Agreement has been executed and there is a high degree of confidence
that a transaction will be completed. Rift's good faith payment will be
non refundable.

Source: ADX Energy Limited

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