ADX Energy to Acquire 20% Interest in Lambouka Prospect from Carnavale Resources – ADX Energy is Enhancing its Presence in the Sicily Channel

Pages: 7 Published: September 01, 2011 Report Code: GDGE0324M&A

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.

Table of Contents

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 1

2.1 Deal Overview 1

2.2 Deal in Brief 1

2.3 ADX Energy Set to Buy Back 20% Interest in Lambouka Prospect 1

2.4 ADX Energy Sees Lambouka and the Nearby Dougga Discovery as a Significant Appraisal and Development Opportunity 3

2.5 Deal Financials and Valuations 3

3 Appendix 5

3.1 Methodology 5

3.2 Contact Us 6

3.3 Disclaimer 6

List of Tables

Table 1: Lambouka, Key Statistics, August 2011 2

Table 2: Lambouka, Equity Details Before Completion of the Current Deal 2

Table 3: Lambouka, Resource Estimates 3

Table 4: Companies Involved 3

Table 5: Financials of the Deal 4

Table 6: Target Information 4

Table 7: Acquirer Information 4

Table 8: Vendor Information 4

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

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