- ADX Energy (ADX) can continue looking for alternate funding for its project in Romania, after an 18-month work extension was granted
- The Romanian National Agency for Mineral Resources signed off on extending ADX’s Ex-10 Parta Exploration License for a A$22,982 fee
- ADX plans to use the extra time to source alternate funding to pay for a 3D seismic program across 100 square kilometres
- The survey was deferred after a previous partner defaulted on its farm-in agreement with ADX in September 2020
- Company shares are up 6.67 per cent at 0.8 cents at the close of market on Monday
ADX Energy (ADX) can continue looking for alternate funding for its project in Romania after an 18-month work extension was granted.
The company said the Romanian National Agency for Mineral Resources had extended ADX’s Ex-10 Parta Exploration License for an additional 18 months.
The extension cost ADX a €14,520 (A$22,982) technology transfer fee, but it doesn’t have to carry out additional work obligations during the extended period.
Instead, the energy stock plans to use the extra time to source alternate funding to pay for a 3D seismic program across 100 square kilometres of land.
ADX owns the Ex-10 Parta Exploration License, as well as the Iecea Mare Production License, through its 49.9 per cent shareholding in Danube Petroleum.
The ASX-lister plans to source the funds for the seismic program on behalf of Danube, with the work to cover both of the licences it holds.
ADX Energy explained the program had to be delayed last year, after Tamaska Oil & Gas defaulted on the farm-in agreement.
Commenting on the need for the work, ADX said on Monday that the seismic program would mature existing leads.
“The 100 square kilometre 3D seismic program has been designed to mature a number of leads and prospects currently defined on 2D seismic as well as low risk appraisal and sidetrack opportunities within the Iecea Mare license,” ADX said.
Company shares were up 6.67 per cent at 0.8 cents each at the close of market on Monday.