OilVoice - Caspian Oil & Gas and Sibinga Petroleum Join AuDAX Operated Romanian AMI

Caspian Oil & Gas and Sibinga Petroleum Join AuDAX Operated Romanian AMI

Wednesday, February 03, 2010

AuDAX Resources Ltd announces that Caspian Oil & Gas and Sibinga Petroleum have joined the AuDAX operated Romanian AMI (Area of Mutual Interest) effective Dec 1st 2009. The new companies replace former partners NZOG and Nexus Energy which elected to withdraw. By reimbursing AuDAX a large proportion of back costs Caspian and Sibinga have earned a 20% interest each and AuDAX retains a 60% interest and operatorship.

Caspian Oil & Gas and Sibinga Petroleum are upstream energy companies that share the same strategic vision as AuDAX on Romania.

The Romanian AMI was established by AuDAX in late 2007 and has completed an extensive regional prospectivity study and compiled a large and comprehensive database from which the AMI has identified a number of prospective areas.

The AMI entered the current 10th bidding round (30,000sqkm of highly prospective exploration acreage) very well prepared and has identified the most promising and strategic prospects of the relinquished areas.

Recently the Romanian AMI was awarded 8 prospecting licenses. This gives the consortium access to additional data and as a consequence it will place the AMI in a stronger position to successfully bid for highly prospective Romanian hydrocarbon acreage.

AuDAX with its new partners Caspian Oil & Gas and Sibinga Petroleum is looking forward to transforming its competitive advantage into the successful acquisition of premium exploration and development licenses through either the ongoing 10th bidding round and/or the prospecting permits.