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ADX Energy gets $8m to pump into Austrian gas exploration

Updated: Mar 25

Production operations at ADX Energy’s Vienna Basin fields. Credit: File.

Perth-based gas explorer ADX Energy has secured another $8.07million to fund drilling in Upper Austria as early as the second half of next year, as part of an energy investment agreement with MND Austria.

The cash will earn MND a 50 per cent interest in the new investment area, which is about 267 square kilometres in size and about halfway between Vienna and Munich. ADX will operate the area that contains four gas prospects, two of which are drill-ready.

The area is within the company’s existing ADX-AT-I exploration license and contains four established gas leads – IRR, HOCH, SCHOE and LICHT. Management says it plans to drill either IRR or LICHT next year, with both being technically mature for drilling.

LICHT has a best technical prospective resource (P50) of 16.2 billion cubic feet (BCF) defined by a four-way dip closure. It also has an approved drilling permit and environmental clearance.

ADX says the IRR prospect offers a P50 resource of 37.8 BCF with significant stratigraphic upside potential of 79 BCF. The other two leads within new investment area, HOCH and SCHOE, are estimated to contain P50 resources of 4.8 and 6.6 BCF, respectively.

At the completion of the transaction agreement, which must be cleared by the Ministry of Finance of the Republic of Austria, ADX will retain a 100 per cent interest in the remainder of the ADX-AT-I exploration license.

MND brings additional exploration funding of up to EUR 4.95 million as well as extensive skills, experience and operating capability. We are very pleased to further extend our collaborative relationship with MND across the Anshof Oil Field as well as exploration drilling opportunities within the ADX-AT-I licence. This transaction brings the number of industry-funded wells in ADX’s Upper Austria licences to four wells which we expect to drill within the next 12 months.. ADX Energy executive chairman Ian Tchacos.

The partnership represents new ground for MND, which operates a massive swathe of petroleum operations throughout Europe – previously excepting Austria – that generated $13.86 billion in revenue last year.

ADX says the partnership with MND is a further endorsement of the capability of its technical team, which is maturing what it describes as “an exceptional exploration prospect portfolio in Upper Austria”.

The cash payment and gas exploration drive comes at a busy time for ADX, as its giant 8.7 BCF P50 Welcahu gas prospect received environmental clearance for drilling just last week, with a planned spud date in January next year.

Meanwhile, the Anshof-2 appraisal well continues to be drilled and is likely in reservoir as we speak. The next update on Anshof-2 is expected tomorrow.

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