slow progress, page-21

From the bulletin's "speculator", David Haselhurst.


"Audax Resources (ADX) listed in 1987 and has had its ups and downs as a gold and minerals prospector. A year or so ago it switched its focus to oil and gas, initially through farm-ins in central Australia. Then in February 2007 Dr Peter Barber, founder of Isis Petroleum Consultants, joined the board and introduced the company to some first-class prospects in Romania and Tunisia.

Last month Audax issued 16 million shares to acquire Alpine Oil and Gas, a company partly owned by Vienna-based Dr Wolfgang Zimmer, who becomes Audax's managing director with the former incumbent and Audax founder, Gary Roper, becoming chairman. Dr Zimmer was an executive for 14 years with OMV, Austria's national oil company. The Alpine purchase brings to Audax a 33.3% free-carried interest in a $1.6m joint study and bidding agreement in Romania with the Australian-listed Nexus Energy and Kairiki Energy, plus other potential opportunities in Tunisia.

Since then, Audax has announced further purchases through its new Alpine subsidiary of prime prospective ground in Romania and Tunisia. Romania was once Europe's biggest oil producer and, since joining the EC in January 2007, it has opened its ground to the outside world. At 24.5c, Audax has a market cap of $34.6m."


cheers.