12/02/2025 16:18:52
ADX Energy (ASX: ADX) has secured new growth opportunities in Upper Austria following a revision of its exploration and production licence areas. The variation, agreed with the Austrian Ministry for Finance, maintains the total licensed area while allowing the company to pursue additional prospects.
The changes have resulted in a threefold increase in shallow gas prospects, adding multiple drill-ready targets that could deliver rapid production and cash flow growth. These shallow gas targets are part of a proven gas play and have strong seismic signatures.
The Welchau Play acreage has also been expanded, now potentially including an extension of the Welchau-1 prospect, the Molln gas appraisal opportunity, and the Rossberg prospect. The Molln-1 well, drilled in 1989, previously tested at up to 4.0 million cubic feet per day of gas, demonstrating the area’s resource potential.
ADX has also secured additional oil and gas prospects, which are expected to benefit from 3D seismic processing and insights from the Lichtenberg-1 well. The company continues to refine its understanding of these assets to maximise their resource potential.
Alongside these opportunities, the company is advancing the Anshof Near Field Oil Exploration Prospects for future drilling and tie-back to the Anshof production facility.
Executive Chairman Ian Tchacos said the company had built an inventory of low-risk gas prospects by leveraging its knowledge of a commercially successful play in the region. He noted that the revised acreage position had added numerous drill-ready, fast-to-develop gas targets at a time of strong European gas prices. He also highlighted the potential for larger hydrocarbon discoveries following recent exploration results.
A final area amendment agreement is expected in the second quarter of 2025.