Anticipated Sambuca Prospect is Ahead of Schedule with Approval on Proposed Drill Bid List
Considered one of the largest undrilled structures in the Mediterranean Sea, the Sambuca prospect is ahead of schedule and has already received an approval for its proposed bidders list. The Sambuca prospect, which has already attracted the interest of numerous high-profile investors with additional investment opportunities still available, is a joint project between World Energy Research and AuDAX Resources.
(PRWEB) June 11, 2009 -- World Energy Research and AuDAX Resources, two worldwide leading energy exploration companies, have announced that their Sambuca prospect is ahead of schedule with bids expected to come in shortly for drilling.
The Sambuca prospect is located in two contiguous exploration permits offshore the island of Pantelleria southwest of Sicily in Italian waters and in the Kerkouane Permit offshore northeast Tunisia. It is considered one of the largest undrilled areas in the Mediterranean Sea for exploring oil and gas fields, and is the first time prospects in Italy and Tunisia have been united into a single, potentially very lucrative, exploration license.
Geological expertise and new technology has allowed AuDAX to predict an unrisked P50 resource potential of 270 million barrels of oil equivalent. The total P50 unrisked recoverable resource of the mapped prospects in both permits could exceed one billion barrels of oil equivalent.
AuDAX (ASX:ADX) just received approval from the Enterprise Tunisienne D’Activites Petrolieres for the proposed bidders list for a semi-submersible rig to drill the Sambuca prospect.
On the heels of this news, World Energy Research announced that the project is already ahead of its original completion date.
World Energy Research has credited much of the quicker timetable is due to the diligence and leadership of principal Chad Willis.
Willis said: “The Sambuca prospect has surpassed any reasonable expectation we could have at this point. We are so excited for the next step in the drilling process and believe this is a wonderful opportunity.”
Willis continued: “The project is in a great place at the moment with the bidding for the drillers already starting. This means that production is much closer for this endeavor than we had anticipated we would be in June.”
AuDAX also brings unsurpassed experience to the energy exploration project. Managing Director Dr. Wolfgang Zimmer has more than 28 years of experience in the oil and gas industry, including fulfilling a variety of management roles for several leading energy companies including Mobil and Austrian-based OMV. He was also the CEO for Grove Energy, a Canadian and UK listed oil and gas company. Both Grove Energy and OMV have significant operations in Tunisia.
Willis and Zimmer both agree there has not been a structure with this type of potential since the Gulf of Mexico in the mid 1950s.
For more information, visit worldenergyresearch.com, audax.com.au or view the Sambuca Prospect informational guide.
About World Energy Research
World Energy Research is a leading energy sector investment research company. Their expertise – in finance, energy development and investment -- allows them to reliably select only the best quality investment opportunities in both the traditional energy and alternative energy sectors. World Energy Research believes the energy sector provides secure, lucrative investment opportunities offering potentially high returns not hostage to the economic downturn. World Energy Research matches investors with stable investment opportunities concentrated in four major sectors: oil and gas, ocean turbines, solar and wind energy turbines. For more information, visit www.worldenergyresearch.com.
About AuDAX Resources Ltd.
Headquartered in Perth, Australia, with an operations office in Vienna, Austria, AuDAX Resources Ltd is a commodity exploration company specialized in base metals, oil and gas. With stakes in projects across Italy, Tunisia, Romania and Australia, AuDAX is able to use their substantial geotechnical expertise to develop promising properties all over the world. For more information, visit www.audax.com.au.
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