Whilst reading and re-reading the most recent company announcements, there were a couple of points that stood out. Adx shareholders should not loose sight of these facts. These two statements tell a story that IMO dreams are made of.
1: ADX Energy Limited (ASX:ADX) is pleased to announce that the chemical analyses, undertaken by Corelab in the UK, of the recovered well samples have confirmed the reservoir fluids to be a typical live crude oil and mud filtrate with (minor amounts of water.)
Preparations for selection and contracting of appropriately sized and cost effective equipment to conduct a well test program have been completed and an invitation to tender has been sent to 5 drilling service providers.
2: The Sidi Dhaher discovery encountered a thick, porous and permeable Bireno reservoir of upper Cretaceous age overlaid with an 80 m sealing shale section. Subsequent down hole pressure measurements and sampling confirmed the presence of an oil column.
Based on the available data ADX has estimated the mean contingent oil in place (OIP) resource for the Sidi Dhaher oil discovery to be 51 mmbbls. The confirmation of recoverable volumes and resulting potential reserves are contingent upon a successful well test with the objective of proving commercial flow rates and likely recovery factors.
After listening to the boardroom radio broadcast today I believe the adx story with the guidance of an obviously experienced and dedicated management team, will have many exciting chapters. The upside pipeline of opportunities adx is presenting is exciting. So stay tuned!!
Good luck all.
Ps: believe me, this is not ramping!!! If I believe something was afoot I'd be the first to pipe up or better again sell out. I'm all in at these prices!!
Add to My Watchlist
What is My Watchlist?
