PERTH, Australia -- AuDAX Resources has signed a Memorandum of Understanding on behalf of its joint venture with PGS Overseas for participation in exploration of the offshore permit G.R15.PU (Pantelleria) within Italian waters and the contiguous offshore permit Kerkouane in Tunisian waters. AuDAX is the operator and holds a 70% interest; Kairiki holds a 30% interest.
The execution of the farm-in agreement is subject to PGS satisfactorily concluding due diligence, all necessary government approvals, and formal documentation.
Previous exploration work within the Pantelleria and Kerkouane permits has identified a number of prospects and leads, the most prospective being a drill-ready prospect extending west into the adjacent Kerkouane permit across the Italian-Tunisian maritime border. This structure appears to be one of the largest undrilled structures in the Mediterranean Sea, the company says.