The ADX-operated Kerkouane permit contains an attractive portfolio of appraisal and exploration prospects, such as the multi target Dougga West oil and gas prospect and the Dougga gas condensate discovery.
ADX is seeking to farm out part of its interest to fund the drilling of the next well.
Despite trying farm-out conditions, several material companies with a North African focus are currently reviewing the asset.
The extension will assist ADX with its farm-out efforts due to increased work programme flexibility.
ADX will update shareholders as soon as a legally binding offer has been received.
Source: Oil and Gas Technology