A good entry price at 014 with drilling scheduled in the next 4...

A good entry price at 014 with drilling scheduled in the next 4 weeks

ADX 9.2c 40%
XST 13.5c 10%

VIL 014c 10%


AuDAX is pleased to announce that the multi target Sidi Daher prospect in the Chorbane Block has
been selected as the first drilling target for onshore Tunisia. Detailed evaluation work by AuDAX since
the signing of the PSC with the Tunisian Government has identified a Direct Hydrocarbon Indicator
(DHI) over the large Sidi Daher prospect.

The particular seismic response seen is a flat spot which is caused by a fluid interface such as gas on
water or gas on oil or light oil on water.

The DHI is conformable with depth closure and can be very
clearly seen on a total of seven seismic lines. Whilst the total closure at Metlaoui reservoir level is 73
sqkm, the DHI flatspot area encompasses around 16 sqkm. In a conservative scenario the nummulitic
Metlaoui / El Gueria reservoir is a gas only accumulation within the bounds of the DHI.

In such a case a total of 175 bcf of recoverable gas resource can be expected (Mean case). In a more optimistic
scenario the structural closure of Sidi Daher would support a gas cap on oil rim case.

In that case the oil rim would contain in the most likely case (mean case) 54 mmbls of recoverable oil in addition to
the gas cap resource. The well will also be testing the deeper prospective reservoirs of Upper
Cretaceous age such as the Abiod. At this level the mean prospective recoverable resources are
estimated to be 44 mmbls of oil.


Paul Fink, AuDAX Technical Director believes that the seismic DHI has significantly reduced the risk on
the Sidi Daher prospect, including reservoir quality risk, since such clear DHIs only develop in good
porosity reservoirs. Nearby wells have indeed encountered and confirmed excellent reservoir.

In addition a discovery at the deeper Abiod and Nara reservoir levels would now be more likely, since trap
integrity and migration risk is mitigated.


Commenting on the new evaluation work, AuDAX Managing Director Dr. Wolfgang Zimmer said: With this very encouraging outcome, I am keen to bring the drilling of Sidi Daher forward to the first possible
opportunity. The Sidi Daher area is easy to access via existing roads and located near pipeline
infrastructure and producing fields.

This multi target prospect with its large upside potential for both oil and gas and a relatively moderate risk is now another potential company maker in our portfolio.