I am with you...only have a fewBut only a few weeks to spud and...

I am with you...only have a few
But only a few weeks to spud and I like the potential.

Here is the bit from the announcement if anyone is interested


Funding
In addition to the appointment of the new Director, the Board of AuDAX Resources Ltd (“AuDAX”) is pleased to announce the placement of 15,500,000 shares at 7 cents each to sophisticated investors to raise approximately $1.085m

Funds raised from this issue will be utilised:
• to meet the Company’s share of the costs to drill the Sarahlyn and Vanessa oil/gas exploration wells in the Cooper Basin expected to spud in late February or early March.
• additional working capital

Sarahlyn No.1 – is a simple four way dip closure 4km south west of the Tarragon 1 oil well which flowed a cumulative 2,000 barrels of oil per day on initial test and 1km north west of the off structure Coruna 1 well. The Tarragon 1 and Coruna 1 wells intersected excellent Jurassic Hutton Sandstone and Poolowanna Formation reservoirs, and Triassic Tinchoo Formation reservoirs. The Coruna 1 well recorded a wireline log resistivity anomaly in sand within the Poolowanna Formation. The prospect is closed at depth at Top Triassic-Tinchoo and Poolowanna Formations and at Near Top Birkhead-Hutton Sandstone. It is ideally located with respect to hydrocarbon recharge. The P50 oil reserves are Hutton – 1 MMbbls, Poolowanna – 4 MMbbls, Tinchoo – 4 MMbbls.
The risk of finding oil is 1 in 5 for each of the above objective levels.

Vanessa No.1 – lies 4km south east of the producing Pennie Gas Field. The lead lies on a pronounced south east – north west trending structural nose. It is ideally located with respect to hydrocarbon charge and is located only 4km from the existing gas pipeline infrastructure. The Pennie 1 well tested 18.9 MMCFD of gas from the Epsilon Formation and intersected 22 ft net gas pay in the Epsilon Formation, 34ft of net gas pay in the Toolachee Formation and 5ft of net gas in the Patchawarra Formation. Mapping of the lead has defined a pronounced C-P closed isochron and isopach thin over the lead. It is uncertain due to seismic misties whether the prospect exhibits present day structural closure based on the present mapping. The lead is geologically low risk although it is not optimally defined due to missties and therefore structurally medium risk.
The P50 gas reserves are 10 BCF and the risk of finding gas is 1 in 2.