The COE announcement this morning re their drilling in Tunisia is positive news for ADX in that it draws attention to off-shore drilling in the proximity of the ADX location just prior to the spud of Lambouka. COE shares are taking off...
"Cooper announce that a rig has been contracted to drill the Fuchsia-1 well in the Gulf of Hammamet Tunisia.
EXPECTED SPUD DATE: Mid to Late May 2010
The Ensco 105 is currently located 250 kilometres from the Fuschia-1 location, where it has been drilling for British Gas (BG) in Tunisian waters. The rig is expected to complete the BG program in early to mid May 2010 and then mobilise directly to the Fuchsia-1 location."
COE rate their "Target chance of success: 17%" which should correspond to the ADX figure but I cannot recollect a POS being announced for Lambouka.
cooper tunisian drill in may adjacent to adx
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