Australian-based ADX Energy has won 100% stake in an exploration permit offshore Italy.
The offshore exploration permit d 363 C.R-.AX was awarded by the Italian Ministry of Industry and is on trend with the company’s offshore Tunisian Kerkouane permit, adjacent to its previously awarded d 364 C.R-.AX license.
ADX will work as the operator of the permit through its wholly owned Italian subsidiary.
The block is on the same structural trend as the onshore Cap Bon fields in Tunisia.
The company said the block had excellent prospectivity and would allow the commercial development of smaller discoveries because of shallow water depths and the excellent fiscal regime in Italy.
ADX’s two offshore Italian blocks are situated on the Terravecchia foredeep, which holds a number of Italy’s largest oil and gas fields.
This prolific hydrocarbon province starts in the northern Italian Po Valley, continuing along the entire Adriatic Sea and through onshore and offshore Sicily into northern Tunisia.
Image: Regional setting in the oil and gas-rich foreland area, with ADX licences in red. Photo: courtesy of ADX Energy Ltd.