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ADX Energy set for permanent oil flows from Anshof-3 well

ADX Energy casing its Anshof-3 well in Upper Austria Credit: File

ADX Energy (ASX: ADX) is now permanently flowing oil from its Anshof-3 well in Upper Austria after it was shut in last September when it reached its allowable testing production numbers.

ADX says it is now flowing at even better rates than when the testing took place with 134 barrels per day being produced. The new permanent rate represents a 16 per cent increase on previous testing levels when the well was shut-in after reaching the regulatory limit of 5000 tonnes, or 36,000 barrels, for test production.

ADX says it is planning to eventually lift the day rate to 150 barrels of oil per day.

The well is located in the Anshof Field area within its ADX-AT_II licence in Upper Austria.

A permanent production facility was permitted for production in November last year, with project site works and installation starting shortly thereafter. All work including pre-commissioning and commissioning was completed on time and on budget according to the company.

Encouragingly, the Anshof-3 well is currently churning out water-free oil during the production process.

The new permanent facility can produce oil from more than one well and has a maximum capacity of some 3000 barrels of oil per day. It also has additional storage capacity.

The facility can use associated gas for power generation and it has improved automation requiring less manual operation – in fact it requires zero onsite manpower and can be operated remotely from ADX’ other facilities in-country.

The Austrian mining authority has granted permits for the new facility that will not subject it to the same limits as a production test run, enabling the company to aim for continuous ramp-up of its daily output.

ADX says the recommencement is timely given the improved oil price and production from its Anshof-3 well is expected to dramatically increase the company’s revenues and cash flow.

The company is continuing to truck production to the REP GmbH export train loading facilities for delivery to the Schwechat OMV refinery near Vienna. It intends to construct new pipelines eventually to export facilities less than 4km from the Anshof-3 project site in the long term.

ADX has a 50 per cent economic interest in the Anshof discovery area and is also the operator of the area and the ADX-AT-II licence.

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