ADX granted Kerkouane permit extension
- Business & Finance
ADX Energy has announced that the Tunisian Authorities (Comité Consultatif des Hydrocarbures) have granted ADX an additional six month extension of the Exploration period for the Kerkouane permit, offshore Tunisia, to the 7th of August 2016.
According to the company, the ADX operated Kerkouane permit contains an attractive portfolio of appraisal and exploration prospects, such as the multi target Dougga West oil and gas prospect and the Dougga gas condensate discovery. ADX says it is seeking to farm-out part of its interest to fund the drilling of the next well. Despite trying farmout conditions several material companies with a North African focus are currently reviewing the asset, ADX said.
The extension will assist ADX with its farmout efforts due to increased work programme flexibility.