PGS Overseas to farm into Sicily Channel permits

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    PALERMO, ITALY — AuDAX Resources has signed a memorandum of understanding with seismic contractor PGS Overseas AS for participation in exploration of offshore permit G.R15.PU, Pantelleria, in Italian waters of the Sicily Channel and the contiguous offshore permit Kerkouane in Tunisian waters.

    AuDAX is the operator of the permits and holds a 70 percent interest. Kairiki (ASX: KIK) holds 30 percent interest.

    PGS would earn a 15 percent interest in the permits by paying 30 percent of a significant future exploration work program. The memorandum is subject to a number of conditions including the signing of a farm-in agreement.

    Previous exploration work in the permits has identified a number of prospects and leads, including a drill-ready prospect extending west into the Kerkouane permit across the Italian-Tunisian maritime border.

    The joint venture plans to mature the remaining prospect inventory over the near future. The forward work commitment for the Kerkouane permit requires completing the tendering process for an offshore rig and receiving environmental approvals for offshore drilling.

    www.energycurrent.com

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