ADX Energy to Acquire 20% Interest in Lambouka Prospect from Carnavale Resources - ADX Energy is Enhancing its Presence in the Sicily Channel - Deal Analysis From GlobalData

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ADX Energy to Acquire 20% Interest in Lambouka Prospect from Carnavale Resources - ADX Energy is Enhancing its Presence in the Sicily Channel - Deal Analysis From GlobalData Powered By Docstoc
					            ADX Energy to Acquire 20% Interest in Lambouka Prospect
             from Carnavale Resources - ADX Energy is Enhancing its
                Presence in the Sicily Channel - Deal Analysis From
                                     GlobalData
        Reference Code: GDGE0324M&A                                                                                                     Publication Date: August 2011


        1         Table of Contents
        1 Table of Contents.................................................................1
         1.1 List of Tables .................................................................1
         1.2 List of Figures ................................................................1
        2 ADX Energy To Acquire 20% Interest in Lambouka
          Prospect From Carnavale Resources ..................................2
         2.1 Deal Overview ...............................................................2
         2.2 Deal in Brief ...................................................................2
         2.3 ADX Energy Set to Buy Back 20% Interest in Lambouka
              Prospect ........................................................................2
         2.4 ADX Energy Sees Lambouka and the Nearby Dougga
              Discovery as a Significant Appraisal and Development
              Opportunity ....................................................................4
         2.5 Deal Financials and Valuations .....................................4
        3 Appendix ..............................................................................5
         3.1 Methodology ..................................................................5
         3.2 Contact Us.....................................................................6
         3.3 Disclaimer......................................................................6

        1.1       List of Tables
        Table 1: Lambouka, Key Statistics, August 2011 ......................3
        Table 2: Lambouka, Equity Details Before Completion of the
                   Current Deal .............................................................3
        Table 3: Lambouka, Resource Estimates ..................................4
        Table 4: Companies Involved ....................................................4
        Table 5: Financials of the Deal ..................................................4
        Table 6: Target Information .......................................................4
        Table 7: Acquirer Information ....................................................4
        Table 8: Vendor Information ......................................................5

        1.2       List of Figures
        Figure 1:  ADX Energy, Interest in Sicily Channel Offshore
                   Tunisia, Location Map ..............................................2
        Figure 2: Lambouka Oil and Gas Project, Location Map ..........3




ADX Energy to Acquire 20% Interest in Lambouka Prospect from                                                                                       GDGE0324M&A / AUG 2011
Carnavale Resources - ADX Energy is Enhancing its Presence in the                                                                                                  Page 1
Sicily Channel                                                                                       © GlobalData. This report is a licensed product and is not to be photocopied
                                                                             On July 18, 2011, ADX Energy announced that the award
                                                                             process for the offshore exploration permit – d 364 C.R-.AX – in
        2       ADX Energy To Acquire 20% Interest in                        Italian waters is completed. ADX Energy is the operator of the
                Lambouka Prospect From Carnavale                             permit and holds a 100% interest. The awarded permit is
                Resources                                                    adjacent to its offshore Tunisian Kerkouane permit which
                                                                             contains the Dougga gas condensate discovery and the
        2.1    Deal Overview                                                 Lambouka gas discovery.
        Deal Type:                  Asset Transactions                       Previous exploration work within the Pantelleria and Kerkouane
                                                                             permits has identified a number of prospects and leads as well
        Deal Status:                Announced
                                                                             as prospective hydrocarbon fairways which have previously
        Announced Date:             August 12, 2011                          remained undetected. Recently acquired geophysical data has
                                                                             confirmed this interpretation. Modern seismic techniques have
        2.2    Deal in Brief                                                 not been used in the permit but success in the area has
        ADX Energy Ltd. (ADX Energy) entered         into an agreement to    attracted the recent interest of majors such as Shell and
        acquire a 20% stake in the Lambouka          prospect area in the    Repsol.
        Kerkouane permit, from Carnavale              Resources Limited      High prospectivity combined with the favorable fiscal terms in
        (Carnavale Resources) for a purchase          consideration in the   Italy is in line with ADX Energy’s ongoing 
				
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Description: ADX Energy to Acquire 20% Interest in Lambouka Prospect from Carnavale Resources - ADX Energy is Enhancing its Presence in the Sicily Channel - Deal Analysis From GlobalData Summary ADX Energy Ltd. (ADX Energy) entered into an agreement to acquire a 20% stake in the Lambouka prospect area in the Kerkouane permit, from Carnavale Resources Limited (Carnavale Resources) for a purchase consideration in the range of $1.03m to $3.03m. As a part of the consideration, ADX Energy will issue 11,172,535 shares of its common stock at a deemed price of AUD0.09 per share ($0.09 per share), based on the price as on August 11, 2011, totaling $1.03m. In the event that production is derived from development of hydrocarbons discovered in the Lambouka 1 well drilled in 2010, ADX Energy agreed to pay two production payments of $1m each. Out of these two production payments, ADX Energy will pay first production payment after six months of continuous production and second production payment after 12 months of continuous production. The transaction is subject upon payment of $0.76m by Carnavale Resources to ADX Energy for their past joint venture costs and satisfaction of other conditions and other regulatory approvals. Scope - Rationale behind ADX Energy acquiring interest in Lambouka prospect - Strategic benefits for the companies involved, - Geography covered -Europe, Middle East and Africa Reasons to buy - Develop a sound understanding of the major M&A's, Partnerships, and Joint Ventures taking place in European and Middle East & African oil and gas industry, - Identify the most lucrative segments to leverage on the growth oppurtunities available in the Tunisia's and Italy's oil & gas market, - Get a detailed analysis of a deal to enable you to take better decisions.
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