ADX Energy (ASX:ADX) has the potential to ratify a license in the Sicilian chain – The Market Herald

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  • ADX Energy (ADX) has been offered the opportunity to ratify its gas exploration license held in the Sicily Channel, offshore Italy
  • Ratification is subject to a number of conditions, including that only the gas potential in the license area is commercially exploited
  • The company has undertaken technical work which it says has highlighted the “excellent” shallow gas prospectivity of the shallow water permit
  • It will submit a work program to the Italian authorities in October, committing to seismic reprocessing and the possibility of acquiring 2D and 3D seismic data.
  • Shares are trading flat at 0.7 cents apiece today at 3:24 p.m. AEST

ADX Energy (ADX) has been offered the opportunity to ratify its gas exploration license held in the Sicily Channel, offshore Italy.

Ratification is subject to a number of conditions, including that only the gas potential in the license area is commercially exploited.

ADX has undertaken technical work which it says has highlighted the “excellent” shallow gas prospectivity of the shallow water permit.

Additionally, the company mapped several prospects and leads based on existing 2D seismic data. ADX said the best technical prospective resource potential of five high-quality prospects was 369 billion standard cubic feet.

ADX will submit to the Italian authorities in October a work program involving seismic reprocessing and the option of acquiring 2D and 3D seismic data.

Additional prospects are expected to be identified from this process, with 3D seismic data planned to reduce exploration risk and attract new investment through farm-outs.

Shares of ADX Energy were trading flat at 0.7 cents apiece today at 3:24 p.m. AEST.

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