Australia's ADX Energy could invest EUR 50 mln in Romania oil search

Australian company ADX Energy, which is planning to participate in tenders for new oil field concessions in Romania, intends to invest some EUR 50 million in the country, depending on the ongoing prospects. So far, the company has already invested several millions of euros in Romania, according to newswire Mediafax. The company recently issued an official statement saying it is not searching for shale gas in Timis county, in western Romania, where it owns oil concessions, as there are no shale gas resources in that area. ADX Energy is searching for hydrocarbon in Europe and North Africa. The company is headquartered in Perth, Western Australia with additional offices operating out of Vienna (Austria), Tunis (Tunisia) and Bucharest (Romania). In Romania, it is working with local drilling company Prospectiuni Bucuresti. ADX was awarded the Parta block in Timis county in October 2010. The company has signed the concession agreement with the national agency for mineral resources in January 2011. A hydrocarbon is an organic compound consisting entirely of hydrogen and carbon and the majority of hydrocarbons found on earth naturally occur in crude oil. editor@romania-insider.com