AuDAX Annual Report 2009 mentions the 40% farmout to WEH page...

AuDAX Annual Report 2009 mentions the 40% farmout to WEH page 7:

"FOURTH QUARTER

In April AuDAX farmed out 40% interest for a full carry on 23 million US$ drilling cost in the Sambuca prospect in the Sicily Channel Permits and executed the respective Joint Venture Agreements with WEH (World Energy Holding) a private investment group.

In June 2009 AuDAX posted 1 million US$ bond with the Tunisian
government for the Chorbane permit."


This appears to differ from their 13th July statement:

"AuDAX executes Joint Venture Agreements for Sicily Channel Permits AuDAX Resources Ltd (ASX:ADX) is pleased to announce that it has executed all necessary Joint Venture Agreements with World Energy Research in respect of the farm out of a 40% interest in the Sambuca prospect located within the two contiguous offshore Exploration Permits, G.R15.PU and Kerkouane. G.R15.PU is located offshore the island of Pantelleria southwest of Sicily in Italian waters and the Kerkouane Permit is located offshore northeast Tunisia (see figure below). World Energy Research will earn a 40% interest in the Sambuca prospect by paying 100% of the expected drilling cost of US$23 Million."

Google World Energy Holding and World Energy Research and only World Energy Research turns up; a careless mistake or a change in the Joint Venture partner?

The Annual Report looks very positive and I look forward to an announcement in October, after the Rig selection on the 20th, regarding the drill date for the Sambuca prospect.

RS
The Report mentions PGS "A MOU was signed with PGS (a world leader in seismic technology) to carry out a
significant 3D seismic survey using the very latest technology over these areas. Negotiations to formalise this
arrangement are progressing well." So no sign off as yet.