ADX launches multi-well Austrian oil and gas push

The West Australian02-06

ADX Energy is wasting no time putting steel in the ground and spanners on the wells, launching a triple-front operational campaign across its Austrian assets that neatly blends exploration upside with...

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A strong result could significantly sharpen the commercial picture for the broader licence area.ADX punched through its Welchau-1 well in early 2024 and immediately grabbed the market’s attention, slicing through a huge 450-metre hydrocarbon column that hinted at a discovery of serious scale.Initial analysis painted the picture of a liquids-rich gas and condensate system, with potential estimates spanning anywhere from 12 to 217 million barrels of oil equivalent (MMBOE) and a chunky mean of about 85MMBOE, putting some real weight behind the play.Just months later ADX raised the stakes again, flagging that the system may be dominated by high-quality light oil, with gas tagging along for the ride – a shift that if proved correct, would significantly lift the project’s commercial appeal compared with the original gas-leaning view.ADX Energy executive chairman Mr Ian Tchacos said: “The Board of ADX is thankful to our Vienna management and operations team for planning, permitting and executing multiple concurrent work programs across the Company’s asset base. Operating capability is becoming a rare commodity in the oil and gas industry due to years of under investment.”Next cab off the ramp is groundwork for the HOCH-1 shallow gas prospect, also within ADX’s Upper Austria acreage. Earthworks and site preparation are underway ahead of drilling, with the well slated to be the first of three shallow gas targets the company has lined up.HOCH-1 will effectively open the batting for this trio, setting the tone for follow-up wells GOLD-1 and SCHOE-1.What sets this campaign apart is its repeatable nature. A cluster of shallow gas prospects could ultimately feed into a single hub, spreading infrastructure costs across multiple fields and helping speed up first gas.While the drill crews look for new molecules, ADX’s operational personnel will focus on squeezing more from its existing wells in the Vienna Basin.The company has now kicked off a series of well workovers across its oil and gas fields there, tackling subsurface inefficiencies in four wells. The program also includes cleaning out a wellbore sand control installation and swapping out a pump to lift production rates.The company plans to continuously report Welchau-1 results throughout testing, while operational updates for HOCH-1 are expected after the rig mobilises, with a spud currently pencilled in for late March. Outcomes from the Vienna Basin workover campaign are set to feed into the upcoming quarterly report.Taken together, the trio of programs gives ADX multiple shots on goal in the near term: a potential new commercial discovery at Welchau, fresh shallow gas targets coming under the drill bit and incremental production gains from existing fields.In a market that often rewards steady operational delivery as much as blue-sky exploration, the balanced approach could prove a savvy play.Is your ASX-listed company doing something interesting? Contact: matt.birney@wanews.com.au","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"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,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.36.2","shortVersion":"4.36.2","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/2609568311","isCrawlerRequest":true}