As per the terms of the license, 20% of the permit area will be relinquished.
The company has agreed to a minimum work obligation of drilling one exploration well to a depth of at least 2500 meters during this three year period.
ADX Energy is the operator of the permit with a 40% stake and other partners include Gulfsands Petroleum with 40%, XState Resources and Verus Investments with 10% each.
ADX said the permit is relatively underexplored containing prospects and leads with multiple objectives, for both oil and gas.
ADX has identified a number of attractive prospects of which the largest structure mapped is the multi-reservoir Sidi Dhaher.
Last month, Sidi Dhaher-1 well failed to show hydrocarbons in well test operations.
The company said it will plug off and abandon the well and drilling information and test data from the well will be interpreted to form the basis for any future operations on the Sidi Dhaher structure.
