adx qtly

Well, here is the reason why no news about SD has been forthcoming. There is none. Yet. ADX in their qtly yesterday stated the following, which we already knew!!! Nothing else was added.

¦ Chorbane Permit, onshore Tunisia - Sidi Dhaher-1 discovery

o Laboratory analysis by Corelab (Aberdeen) of the recovered well samples confirmed that the reservoir fluids are typical live crude oil and mud filtrate with minor amounts of water.
o The oil was encountered in the thick, porous and permeable Bireno reservoir of upper Cretaceous age overlain by an 80 m sealing shale section. Down hole pressure measurements and sampling confirmed the presence of an oil column.
o Revised volume calculations based on an updated seismic interpretation and well results resulted in an ADX estimated mean contingent oil in place (OIP) resource of 51 mmbbls. The confirmation of expected recoverable volumes and resulting potential reserves are contingent upon a successful well test with the objective of proving commercial flow rates and estimation of likely recovery factors.
o Invitations to tender for a work over rig to test the discovery were sent to five potential bidders. Four bids were received and documentation formally opened in the presence of the local petroleum authority, ETAP (Enterprise Tunisienne D’Activites Petroliere).
o After selection of the winning bid, an LOI (Letter of Intent) was signed with DIETSWELL SA, for the provision of the Sedlar-160 drilling rig.