Rift Basin will earn up to a 15% stake in the permit by paying ADX’s wholly-owned subsidiary Alpine Oil & Gas an initial US$900,000, subject to government and joint venture approval.
It will also pay a further US$300,000 towards the cost the upcoming acquisition of seismic data over the permit area upon request from Alpine.
The Chorbane permit covers 1940 square kilometres in the south-west part of Tunisia’s Pelagian basin, near the port city of Sfax.
Chorbane
