AuDax Resources moving ahead on Sambuca oil prospect, offshore Sicily
Published: 10:03 20 Aug 2009 BST
AuDAX Resources Ltd (ASX: ADX) has reported that the proposed bidders list for casing and subsea well heads required to drill the Sambuca well has been approved by Enterprise Tunisienne D’Activites Petrolieres (ETAP). The Invitation to Tender for the provision of conductor, surface casing, intermediate and production casing and subsea well heads will be sent to the potential bidders shortly.
The Sambuca prospect is located in two contiguous Exploration Permits, in G.R15.PU, offshore the island of Pantelleria southwest of Sicily in Italian waters and in the Kerkouane Permit offshore northeast Tunisia, respectively.
Exploration work within the Pantelleria and Kerkouane Permits has identified a number of prospects and leads.
The Sambuca prospect appears to be one of the largest undrilled structures in the Mediterranean Sea with a total P50 unrisked recoverable resource potential of 270 million barrels of oil equivalent.
AuDax estimates total P50 unrisked recoverable resource of the mapped prospects in both permits could exceed one billion barrels of oil equivalent.
