kerkouane permit offshore tunisia

AuDAX (ADX) has the Kerkoune permit in Tunisia which adjoins both of COE's permit areas. Their announcement today, partially copied below, states that they, in conjunction with Kairiki Energy, will drill in 2009 with many leads & prospects which could exceed ONE BILLION Barrels - but, read on...

"AuDAX is pleased to announce the acquisition of the large Kerkouane permit in offshore
Tunisia has gone unconditional and has agreed with the vendor and its partner, Kairiki
Energy Limited (“Kairiki”) to close the acquisition by 30 July 2008.
Since receiving the data in November 2007, AuDAX has identified a large number of
prospects and leads in the permit and confirmed a gas condensate field appraisal project.
The total P50 un-risked recoverable resource potential could exceed one billion barrels of
oil equivalent in the permit.
AuDAX has recently engaged a drilling management consultant to prepare for a high
impact exploration and appraisal drilling campaign next year and continues to evaluate
the remaining prospects and lead inventory."

It's nice to see that COE's MC has risen by about $12M in the last couple of days as the market comes to grips with their near term potential.