ADX Energy strikes stable gas flow at shallow Austrian well test

The West Australian06-22

ADX Energy has delivered the first real evidence that its Austrian shallow-gas strategy may have commercial legs, with its HOCH-1 discovery well roaring to life and flowing gas at a stable, water-free...

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Bull 2X Shares","BK4588":"碎股","WTIU":"MICROSECTORS ENERGY 3X LEVERAGED ETN","ERX":"二倍做多能源ETF-Direxion","PXJ":"Invesco Oil & Gas Services ETF","USE":"USCF Energy Commodity Strategy Absolute Return Fund","DRLL":"Strive U.S. Energy ETF","IXC":"全球能源业ETF-iShares","DBC":"商品指数ETF-PowerShares DB","VDE":"Vanguard Energy ETF","DBE":"能源商品ETF-PowerShares","BK4585":"ETF&股票定投概念","PXE":"Invesco Energy Exploration & Production ETF","XES":"SPDR S&P Oil & Gas Equipment & Services ETF","DRIP":"Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares","FTXN":"First Trust Nasdaq Oil & Gas ETF","ADX":"Adams Diversified Equity Fund"},"translate_title":"ADX Energy在奥地利浅井测试中获得稳定气流","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"DIG":1.5,"USE":1.5,"ADX":1.5,"GUSH":1.5,"DBE":1.5,"FTXN":1.5,"DRLL":1.5,"PXE":1.5,"WTIU":1.5,"DRIP":1.5,"XES":1.5,"ERX":1.5,"IEO":1.5,"DBC":1.5,"PXJ":1.5,"VDE":1.5,"IXC":1.5},"content_text":"ADX Energy has delivered the first real evidence that its Austrian shallow-gas strategy may have commercial legs, with its HOCH-1 discovery well roaring to life and flowing gas at a stable, water-free rate of 2.7 million cubic feet of gas per day (MMcfd).The 11-hour test result delivered gas equivalent to 450 barrels of oil per day, shifting the conversation from geological promise to development potential.The tested interval, a relatively thin Basin Floor Fan sandstone between depths of 1464.6m and 1466.6m, produced clean gas at a stable wellhead pressure of 870 pounds per square inch. Notably, the result was recorded despite downhole pressure gauges installed in the well, which may have restricted flow at surface. The gauges will be removed after testing.The result followed a clean-up flow from Zone 1 on 17 June. Downhole pressure gauges were then run into the well on 18 June ahead of an extended flow test on 19 June. The testing was conducted during daylight hours because Austrian regulations restrict testing and flaring activities to daytime periods.Crucially, the encouraging flow was achieved from just one of up to eight gas-bearing reservoirs identified in the well. Management believes the Basin Floor Fan sands extend across a substantial area, consistent with pre-drill estimates of between five and eight square kilometres.The broad footprint means even relatively thin sands can contain commercial gas volumes, as demonstrated by nearby Hall Formation fields that have produced more than 233 billion cubic feet of gas (Bcf).The company has now shut in the well, with pressure gauges remaining downhole for an approximately two-week pressure build-up analysis to determine the size of the connected gas volume and assess the reservoir’s reserve potential. A successful test could support a production tie-in decision.HOCH-1 targeted a prospect carrying a pre-drill mean prospective resource of about 8 billion cubic feet of gas (Bcf), with an upside case of 17.3Bcf. The testing program will help determine how much of that potential can be converted into recoverable reserves.The well testing program is providing encouraging results from the first basin floor fan sand interval (Zone 1) tested within the HOCH-1 gas discovery. The water free flow rate from this single sandstone alone is commercially attractive given current European gas prices of EUR 42 per MWh (US$ 14.10 MMbtu).ADX Energy executive chairman Ian TchacosThe immediate focus is the pressure build-up analysis. Attention will then shift to additional Basin Floor Fan reservoirs and deeper Base Hall channel targets encountered in the well. The remaining tests are designed to establish HOCH-1’s production profile and support a future field-development decision.Beyond HOCH-1, ADX has two fully permitted shallow-gas prospects, GOLD-1 and SCHOE-1, waiting in the wings for drilling later this year. The pair carries mean prospective resources of about 8.3Bcf and 5.1Bcf, respectively and form part of a shallow-gas inventory exceeding 60Bcf. Success across this current testing campaign could de-risk that opportunity.Open-access gas pipeline infrastructure sits just 2km away, providing a direct pathway to market. ADX operates the project and holds a 50 per cent economic interest in the HOCH prospect.Management also highlighted strong European gas prices and growing demand for locally sourced gas. HOCH-1 contains naturally occurring biogenic methane, a particularly clean gas product. As regional energy security remains a priority, infrastructure-linked discoveries capable of reaching market quickly have gained strategic significance.ADX already generates cash flow from Anshof and its Vienna Basin operations. If the shallow-gas campaign proves viable, rapid payback could help fund appraisal at Welchau and exploration in its Sicily acreage.HOCH-1 has already cleared a major hurdle with a stable, water-free gas flow from its first reservoir zone. The next round of testing will determine whether that encouraging result translates into meaningful reserves and a production pathway. If it does, ADX may have done more than prove up a single well – it may have opened the door to a multi-field gas growth story across Upper Austria.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":false,"editions":null,"column":"","sentiment":"1","news_tag":"dataReport","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":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,"isLaohu8Offline":false,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.45.2","shortVersion":"4.45.2","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/2645043179","isCrawlerRequest":true}