HD,
Kairiki Energy Limited (KIK) elected not to extend the closing date for the acquisition of the on shore Chorbane Permit in Tunisia past 31 October 2008 and as a result did not complete the proposed transaction which was continued by ADX. I assume ETAP had to confirm the PSC with ADX after a time extension when KIK backed. ADX now hold 100% of the permit which is in a highly prospective area.
ADX announced in June they had "commenced farm out activities and farm in negotiations with several interested parties which were ongoing."
ADX intend to farm out 50% of Chorbane with an exploration well 2010 - 2011(GM Presentation 29 July).
tunisia chorbane deal, page-2
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