P50 Billion barrels oil potential.... Recoverable
23 July 2008
ASX Limited
Company Announcements Office
20 Bridge Street
Sydney NSW 2000
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. Furthermore, AuDAX and Kairiki have
elected to terminate the acquisition of the SUD Craiova permit in Romania. AuDAX and
Kairiki concluded that their efforts were better focused on pursuing higher potential
opportunities in Romania with its AMI partner.
For further details please contact:
Gary Roper Wolfgang Zimmer
Chairman Managing Director
61 (8) 9328 4622 43 (0) 676 358 1214
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