Watson Farley & Williams (“WFW”) advised Audax Energy S.r.l. (“AUDAX”), a wholly owned subsidiary of ADX Energy Ltd, on securing a permit for the exploration of natural gas in the Sicily Channel, known as new C.R150.AU Exploration Permit, granted by the Italian Ministry of Environment and Energy Security (“MASE”).
The permit was granted following a thorough evaluation by MASE of AUDAX’s technical and financial capabilities, with WFW providing legal support on regulatory compliance and legislative analysis. As part of the permit process, AUDAX was evaluated based on an analysis of its historical seismic and drilling data, including information from its Nilde-2 well, and identifying geological prospects analogous to the producing offshore Argo-Cassiopea and onshore Lippone-Mazara fields close to the permit.
Through its Sicily Channel project, AUDAX expects to discover high quality and commercially viable biogenic methane to develop thanks to favourable local conditions such as shallow waters, low drilling depths, proximity to the coast and direct access to existing infrastructure, including the Mazara connection point and TRANSMED pipeline.
ADX Energy Ltd is an Australian listed company with operating assets in Austria, Romania and now Italy. It is focussed on energy production, development and exploration in Europe.
The WFW Italy Regulatory team that advised AUDAX was led by Partner Giannalberto Mazzei, supported by Senior Associate Cesare Fossati and Associate Eleonora Gentili.
Giannalberto commented: “This project represents a strategic step forward for AUDAX, marking its entry into a region that is becoming increasingly important in the Mediterranean energy landscape. We are proud to have contributed our expertise to support the client during this phase of growth”.