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Article: AuDAX Resources Ltd (ASX:ADX) Signs LOI With DNO International ASA (OSL:DNO) On The Chorbane Oil And Gas Permit In Tunisia
- Article from:
- abnnewswire.net
- Article date:
- October 16, 2009
- Author:
CopyrightCopyright 2009 ABN Newswire. (Hide copyright information)
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AuDAX Resources Ltd (ASX:ADX)(PINK:ADXRF) is pleased to announce that it signed a Letter of Intent ('LOI') with DNO International ASA (OSL:DNO), Norway ('DNO') for participation in exploration of the onshore permit in Tunisia. AuDAX is the operator and holds a 100% interest.
DNO is a reputed Norwegian listed (OSL:DNO) exploration and production operator with petroleum assets in Europe, Africa and the Middle East.
DNO would earn a 50% interest in the Permit by paying 100% of the first exploration well. The LOI is subject to a number of conditions precedent including the signing of a farmin agreement. The execution of the farmin agreement would be subject to all necessary government approvals ...