Italy-Tunisia

By OGJ editors
HOUSTON, Mar. 24 – Carnavale Resources Ltd. took a farmout from AuDAX Resources Ltd., Perth, to participate in the G.R15.PU permit off Italy and the adjoining Kerkouane permit in Tunisia.

G.R15.PU is off Pantelleria Island southwest of Sicily, and Kerkouane is off northeast Tunisia in the Mediterranean.

Carnavale will be entitled to earn 20% interest in the Lambouka prospect area of both permits by paying a “promoted” proportion of the cost of the drilling of an exploration well to spud in mid-June 2010.

The work commitment for the Kerkouane Permit requires drilling one exploration well. The Atwood Southern Cross semisubmersible will handle the deepwater Lambouka exploration well.