AuDAX Resources Selects Atwood Oceanics To Provide Drilling Rig For Sambuca Prospect, Offshore Tunisia

Published: 11-Nov-2009

AuDAX Resources Ltd (AuDAX Resources), an oil and gas exploration, mineral exploration and investment company, said that Atwood Oceanics, Inc. (Atwood Oceanics) has been selected as the successful bidder to provide drilling rig services for the deep water Sambuca prospect in the Kerkouane permit, offshore Tunisia. Atwood Oceanics will be providing the Atwood Southern Cross semi-submersible offshore drilling unit to conduct the work programme.

The technical and commercial evaluation results were approved by Enterprise Tunisienne D’Activites Petrolieres (ETAP) in Tunis.

Subject to signing a final agreement and receiving respective government approvals, AuDAX Resources expects to drill the exploration well to test the Sambuca prospect in the preferred weather window of summer 2010. The Sambuca prospect appears to be one of the largest undrilled structures in the Mediterranean Sea with a total P50 recoverable resource potential of 270 million barrels of oil equivalent.