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
infrastructure.
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
To access over 3,500 of the latest oil projects from across the world visit Projects OGP for free trial today