ADX Farms Out Parta Stake to RAG

摘要

ADX Energy has signed a farm out deal with Rohoelaufsuchungsgesellschaft (RAG) giving RAG a 50% stake in the Parta license.RAG will make an upfront payment to ADX and be entitled to earn the stake in Parta upon a payment in lieu of past costs and a payment of a promoted share of future costs prior to the start of seismic operations.The forward work commitment for Parta requires the acquisition of 2D and 3D seismic and the drilling of three exploration wells. ADX will retain 50% and operatorship.