ADX Energy (ASX: $ADX) secures gas exploration permit in Sicily Channel

ADX Energy Ltd (ASX: $ADX) has received confirmation from the Italian ministry regarding the completion of the technical, financial, and organisational capacity verification procedure, resulting in the granting of the d 363C.R-.AX gas exploration permit in the Sicily Channel, Offshore Italy. The permit holds significant potential for gas exploration, with technical studies indicating five high graded prospects with a Best Technical Prospective Resource potential of 369 BCF. Additionally, the recent annulment of a decree limiting oil exploitation may pave the way for the potential re-development of the Nilde Oil Field, presenting a 2C Contingent Resource potential of 34.1 MMBBLS.

ADX Executive Chairman, Mr Ian Tchacos, on the gas exploration permit and potential oil redevelopment

Mr Ian Tchacos, Executive Chairman of ADX Energy Ltd, expressed his optimism, stating, 'The grant of the gas rights within the d 363 C.R- .AX permit is a highly positive development for the ADX. The potential reversion of oil rights presents a valuable opportunity to redevelop the proven Nilde Oil Field together with a number of other highly prospective oil discoveries. It is a credit to our team that the granting of the gas rights has been made possible as a result of ADX financial, technical, and organisational capability. We look forward to reporting our progress in relation to this exciting reinstatement of value potential to the Company's asset base.'

Summary of ADX Energy's gas exploration permit and potential oil redevelopment

ADX Energy Ltd (ASX: $ADX) has successfully secured the d 363C.R-.AX gas exploration permit in the Sicily Channel, Offshore Italy, following the completion of the technical, financial, and organisational capacity verification procedure by the Italian ministry. The permit holds significant potential, with five high graded gas prospects indicating a Best Technical Prospective Resource potential of 369 BCF. Moreover, the recent annulment of a decree limiting oil exploitation may enable the potential re-development of the Nilde Oil Field, presenting a 2C Contingent Resource potential of 34.1 MMBBLS. Mr Ian Tchacos, Executive Chairman, highlighted the positive impact of these developments and expressed the company's eagerness to capitalize on the opportunities presented. ADX Energy's focus on gas exploration and potential oil redevelopment signifies a promising outlook for the company's asset base and future endeavors.