ADX Energy readies to begin flow testing Sidi Dhaher oil discovery
Wednesday, May 09, 2012 by Angela Kean ADX Energy (ASX: ADX) is preparing to test the Sidi Dhaher-1 oil discovery in the onshore Chorbane licence, Tunisia following the intersection of several potentially productive formations.
Reservoir fluid samples recovered confirmed the presence of oil in the deeper Bireno formation.
Detailed interpretation and analysis indicated a good quality Bireno carbonate reservoir with an estimated 30 metre oil column.
Importantly, the Bireno formation in several nearby fields has proven very productive.
Further upside is log analysis also indicated potential pay in the Cherahil formation, which will be tested if the Bireno formation test results are unfavourable.
The mean contingent oil in place resource volume for the Sidi Dhaher oil discovery has been estimated at 51 million barrels.
The 2428 square kilometre Chorbane permit has all the hallmarks of a highly prospective oil and gas asset.
It contains large undrilled structures in a producing oil and gas province with high quality seismic available over prospects and leads.
ADX announced the securing of a drill rig for flow testing Sidi Dhaher in late March and originally expected test results to be available mid-April. However, local issues as well as rig equipment and service delays have set testing back slightly.
The rig and associated equipment is expected to be mobilised to site shortly.
ADX holds a 40% stake in Chorbane while Gulfsands Petroleum (LON: GPX) also holds 40%. The remaining 20% is split equally between XState Resources (ASX: XST) and Verus Investments (ASX: VIL).
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