OilVoice - ADX Completes Sale of Its Cooper Basin Permit

ADX Completes Sale of Its Cooper Basin Permit

Tuesday, July 27, 2010

ADX Energy Ltd advises that the previously announced sale of its 49.9% interest in the South Australian onshore Cooper Basin petroleum exploration licence (PEL182) has been completed with a subsidiary of Victoria Petroleum N.L.. The cash consideration of A$1.1 million has been received following satisfaction of the conditions precedent to the sale. ADX is now better positioned to pursue its strategy of focusing in its core areas of Tunisia, offshore Italy and Romania where the management believes it has significantly better opportunities for creating material shareholder value.

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