AuDAX agrees further Mediterranean farm-in

Bombora Energy is farming into two offshore exploration permits in the southern Mediterranean, both operated by AuDAX Resources.

Offshore staff


PERTH -- Bombora Energy is farming into two offshore exploration permits in the southern Mediterranean, both operated by AuDAX Resources.

The Kerkouane concession is offshore northeast Tunisia, while the contiguous Italian permit G.R15.PU is southwest of Sicily, in waters around the island of Pantelleria.

Under the terms of the farm-in, Bombora will pay its share of a forthcoming exploration well on the Lambouka prospect, which straddles both concessions, and 15% of the cost of a 3D seismic acquisition program being acquired for AuDAX over the permit areas by the PGS Atlantic Explorer vessel.

Following this and an earlier farm-in agreement with Gulfsands Petroleum, AuDAX will retain a 30% operated interest in the Lambouka prospect area, and 60% of the remaining areas of the two permits. These include the Dougga gas discovery on the Tunisian side and other prospects which will be evaluated following completion of the seismic survey.

4/9/2010

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