ADX Energy Ltd announces Farmin Agreement for Chorbane Permit terminated
Thursday, Sep 05, 2020

ADX  Energy  Ltd  reports  that  its  wholly-owned  subsidiary,  Alpine  Oil  &  Gas  Pty Ltd.  (“Alpine”),  has  terminated  a  farmin  agreement  (the “Farmin Agreement”) with Rift Basin International Corp.(“Rift Basin International”).

Pursuant  to  the  terms  of  the  Farmin  Agreement  Rift  Basin  International  could have  earned  an undivided  15%  working  interest  in  the  Chorbane  exploration permit  (the  “Permit”).  The  Permit  is  located onshore Tunisia near the port City of Sfax and contains oil & gas 


As  Rift  Basin  International  has  failed  to  fulfill  its  farmin  obligations  despite several extensions to the completion date the agreement was terminated.

ADX  has  therefore  recommenced  its  farmout  efforts  with  other  interested companies for part or all of its remaining 30 interest in thepermit.ADX is partially carried via an earlier farmout to

Gulf Sands PLC.

Source: ADX  Energy  Ltd

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