ADX banks $3.08m in Austrian oil/gas revenue for Sept qtr

The West Australian10-23

ADX Energy has continued to ring the till with its Austrian oil and gas operations banking $3.08m in cash receipts from customers for the September quarter.Significant operational outgoings for the ...

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The volume of production at its Vienna field is now set to surpass 30,000 barrels of equivalent oil next year and will be processed at its new un-manned 3000 BOEPD facility nearby, allowing for multiple tie-in wells and additional storage.ADX also saw some success recently with the Welchau-1 discovery well which hit three primary hydrocarbon zones down to 1733m back in April before being shut in for flow tests.Wind the clock forward to September and an appraisal conducted shortly before the flow tests actually started earlier this month has reported that rather than being mainly gas with some condensate, the well is more likely to be mainly light oil with some gas, with a prospective resource of 85 million barrels of oil equivalent (MMBOE).However it is the current drilling of Lichtenberg-1 (LICHT-1) gas wildcat well which kicked off in September targeting Oligocene reservoirs with 21 billion cubic feet (Bcf) potential that really has the attention of the market. Holding 50 per cent of the well with European industry giant MND Austria owning the balance, ADX has been free carried through the exploration costs up to €4.5 million (AU$7.35 million) and €450,000 (AU$735,000) in back costs.If successful, LICHT-1 could pave the way for further exploration and development in eight nearby prospects, including the IRR, GOLL, HERR and STOET fields – all of which are covered by similar high-quality 3D seismic data. Additionally, with pipelines just 5km away, any gas discovery could make development quick and cost-effective.With $16 million in cash at the end of the quarter, Anshof-2A coming onstream by December to effectively triple production, flow testing at its Welchau-1 well likely to lead to improved reservoir valuations and the LICHT-1 wildcat well keeping excitement levels piqued, ADX appears to have all the bases covered as it moves into 2025 in what could be a breakout period for the company.Is your ASX-listed company doing something interesting? Contact: matt.birney@wanews.com.au","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2477530801"}