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ADX ENERGY LTD - Corporate Spotlight

ADX Energy is a leading energy company with a European focus on Green Hydrogen... ADX Energy is a leading energy company with a European focus on Green Hydrogen electricity and high value sustainable Oil & Gas projects, based in Vienna. The company has recently signed a MOU with an Australian premier green power producer "Windkraft Simonsfeld AG" to provide green power to ADX's project.More

Corporate Spotlight

ADX Energy is a leading energy company with a European focus on Green Hydrogen electricity and high value sustainable Oil & Gas projects, based in Vienna. The company has recently signed a MOU with an Australian premier green power producer "Windkraft Simonsfeld AG" to provide green power.
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ADX Energy kicking goals with Hydrogen project

ADX SECURES FUNDING FOR ANSHOF PROJECT

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ADX Energy (ASX:ADX) secures funding for Anshof prospect in Austria


ASX:ADX
ADX Energy (ASX:ADX) - Executive Chairman, Ian Tchacos
Executive Chairman, Ian Tchacos
Source: The Market Herald

  • ADX Energy (ADX) inks a farm-in deal with Xstate Resources (XST) to fund a portion of drilling at the Anshof prospect of the ADX-AT-II exploration licence in Upper Austria
  • Xstate will cover 40 per cent of the Anshof well drilling cost up to a limit of EUR 1.8 million (A$2.8 million) in exchange for a 20 per cent stake in the Anshof prospect Area
  • Xstate may choose to fund 40 per cent of a second well on Anshof or the Anshof Farm-in Area in exchange for a 20 per cent interest in the whole Anshof Farm-in Area
  • ADX Executive Chairman Ian Tchacos says the deal represents a vote of confidence in the prospect

    Read the Full Article on The Market Herald here

ADX RECIEVES RESULTS FROM RISC REVIEW

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ADX Energy (ASX:ADX) receives results from RISC review


ASX:ADX
ADX Energy (ASX:ADX) - Executive Chairman, Ian Tchacos
Executive Chairman, Ian Tchacos
Source: HotCopper

  • ADX Energy (ADX) receivs results from an independent review for Anshof and OHO undertaken by RISC
  • RISC reviewed the resource and risk assessment for the two prospects and found “them to be reasonable”
  • The review showed the mean unrisked prospective resource for Anshof is 6.6 million barrels of oil equivalent (MMBOE) and the probability of success is 43 per cent
  • Executive Chairman Ian Tchacos said the ADX Board is “very encouraged” by RISC’s endorsement of the technical work

    Read the Full Article on The Market Herald here

ADX SECURES DRILLING APPROVAL ANSHOF-1

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ADX Energy (ASX:ADX) secures drilling approval for Anshof-1


ASX:ADX
ADX Energy (ASX:ADX) - Executive Chairman, Ian Tchacos
Executive Chairman, Ian Tchacos
Source: The Market Herald

  • ADX Energy (ADX) secures approvals from the Austrian Mining Authority and other local authorities to drill at its Anshof-1 well in Austria
  • This is an important milestone in the permitting process for the company which will be followed by a nature compatibility approval
  • Well construction at Anshof-1 is scheduled for November 15 and as long as weather conditions are favourable, construction is expected to take four to five weeks
  • A drill rig is expected to arrive on site just before Christmas

    Read the Full Article on The Market Herald here

ADX - 154% INCREASE IN AUSTRIA RESERVE

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ADX Energy (ASX:ADX) sees 2P reserves in Austria increase by 154pc


ASX:ADX 
ADX Energy (ASX:ADX) - Executive Chairman, Ian Tchacos
Executive Chairman, Ian Tchacos
Source: HotCopper

  • ADX Energy (ADX) sees an increase of 154 per cent of its 2P developed reserves from its Austrian assets in the Zistersdorf Field and Gaiselberg Field
  • Independent consultants RISC Advisory recently completed a competent person’s report on the assets
  • Results also saw the 1P developed reserves estimate over 1.1 million barrels of oil equivalent, a 215 per cent compared to the previous 2020 audit
  • The estimated net present value of the 1P and 2P reserves is €5.7 million (A$8.7 million) and €15.9 million (A$24.4 million), respectively

    Read the Full Article on The Market Herald here

ADX ENERGY KICKING GOALS WITH HYDROGEN

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ADX_EDM-banner

ADX Energy kicking goals with Hydrogen project after securing signature of big Austrian Green Energy player

download-Oct-05-2021-06-57-13-63-AM

HIGHLIGHTS


  • ADX has just signed a Memorandum of Agreement (MOA) for the supply of green electricity and the joint development of a green hydrogen production and underground storage project in the Vienna Basin.
  • The MOA is with Windkraft Simonsfeld AG, a major Austrian wind power producer that produces 640 million kilowatt hours (enough to power 160,0000 Austrian households) and is currently operating 91 wind power plants across the country.
  • The company operates wind power plants near to the ADX Vienna Basin gas fields where green electricity is currently curtailed
  • ADX will be responsible for managing the development, planning, execution and operation of the plant, supplying the wells and reservoirs for the hydrogen storage, manage the marketing and sales of the green hydrogen, provide project and operations management services and provide transportation facilities.
  • WKS will be responsible for supplying electricity generated from their renewable courses (wind or solar) to the ADX H2 project
  • Both companies believe they are well positioned to provide a safe, reliable, long-term supply of green hydrogen either the existing gas pipeline or through direct delivery.
  • Companies have committed to the signature of a definitive agreement by 1 December 2021

Aussie listed junior oil and gas company ADX Energy (ASX:ADX) has today taken a significant step forward in developing a hydrogen business at its Vienna Basin project.

 

The company has partnered with one of Austria’s premier Green Power producers Windkraft Simonsfeld AG to provide green power to the project.

 

The agreement takes the project one step closer towards completion, and positions ADX well as it looks to the profitability of its oil reservoirs.

 

ADX says the decision is based off the power grid infrastructure in the northern basin now reaching its limit, meaning clean wind power and solar power from WKS cannot always be guaranteed to customers, especially during times of high wind. Production has to be partially curtailed, resulting in the loss of green power.

 

However, with an electrolyser, wind power can be converted into green hydrogen and temporarily stored in existing underground storage facilities.

 

ADX has the facilities for such deposits in the immediate vicinity of a WKS windfarm in Prinzendorf.

 

Under the terms of the agreement, ADX will be responsible for managing, planning and execution of the H2 Project development; the supply of the necessary reservoirs, wells, surface facilities and infrastructure for the storage and delivery produced green hydrogen; providing project and operations management services to install and operate hydrogen generation facilities (electrolyser), storage and transportation facilities, as well as the marketing and sale of green hydrogen.

 

WKS will be responsible for the supply of electricity generated from renewable sources and provide the facilities required to supply and deliver Green Electricity to the H2 Project for the generation of green hydrogen.

 

The companies have agreed to sign a binding agreement by December 1st 2021.


ADX PROCEEDS W/ GEOTHERMAL PILOT PROJECT

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ADX Energy (ASX:ADX). Austrian subsidiary proceeds with geothermal pilot project

Energy

ASX:ADX
ADX Energy (ASX:ADX) - Executive Chairman, Ian Tchacos - The Market Herald
Executive Chairman, Ian Tchacos
Source: The Market Herald

  • ADX Energy's (ADX) Austrian subsidiary enters an agreement with Siemens Energy and RED Drilling & Services to build and operate a well test site
  • The demonstrator plant will utilise a carbon dioxide-based geothermal power generation technology to evaluate geothermal to power technology
  • ADX Energy believes the pilot project shows the potential for oil and gas reservoirs to be redeployed for green energy solutions
  • Engineering, planning and procurement work is expected to begin next month

ADX Energy's (ADX) Austrian subsidiary has entered an agreement with Siemens Energy and RED Drilling & Services.


ADX VIE, Siemens Energy and RED will work together to develop a small-scale demonstrator plant utilising a carbon dioxide-based geothermal power generation technology at an existing well site.


The three companies signed a letter of intent back in July this year to build and operate a well site in Austria.


At the time of signing, ADX executive chairman, Ian Tchacos, said the pilot project holds potential.


"The pilot project demonstrates the potential for oil and gas reservoirs to be redeployed for green energy solutions in the near future," he said.


"The redeployment of such assets is not just good for the environment, it is good business."


This pilot project is aimed at evaluating the geothermal energy conversion technology including improved efficiencies in generating electricity compared to conventional geothermal systems.


Geothermal power generation is capable of providing potentially cheap, constant and reliable carbon-free energy, according to a company announcement.


ADX will be responsible for licensing and subsurface execution aspects including permitting, engineering, geological analysis, operational planning and implementation.


Siemens Energy will provide thermodynamic engineering, process efficiency analysis and plant parameters to evaluate the system in a geological reservoir setting. RED's role will involve providing well workover operations services and monitoring the well performance.


ADX Energy believes the pilot project will provide it with increased knowledge, experience and credibility to develop suitable geothermal power generation technologies in Austria and other Central European jurisdictions where it has identified areas with potential geothermal power generation opportunities.


Engineering, planning and procurement work is expected to begin next month.


Read the Full Article on The Market Herald here

ADX EXTENDS OIL PRICE HEDGING POSITION

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ADX Energy (ASX:ADX) extends oil price hedging position

Energy

ASX:ADX
ADX Energy (ASX:ADX) - Executive Chairman, Ian Tchacos - The Market Herald
Executive Chairman, Ian Tchacos
Source: The Market Herald

  • ADX Energy (ADX) is extending its hedging position by locking in another contract with BP at an average oil price of US$71.85 (A$98.61) per barrel
  • The new price is locked in from November to the end of March and is an improvement on its last prices of US$66.03 and US$71.71 per barrel
  • Around 40 per cent of ADX's forecast oil production from the Vienna Basin will flow to BP over the new fixed price swap, or 14,930 barrels of oil all up
  • The energy stock expects the Brent crude oil price to remain above US$70 (A$96.07) per barrel heading into 2022 after sustained increases in 2021

ADX Energy (ADX) is extending its hedging position by locking in another contract with BP at an average oil price of US$71.85 (A$98.61) per barrel.


The company announced its extended hedging position on Monday, locking in the new price from November 1 to March 31 next year.


The new fixed price locked in by ADX is an improvement on the energy stock's last prices of US$66.03 and US$71.71 per barrel.


These company credited uplifted market conditions for its ability to lock-in the new fixed price.


All up, around 40 per cent of ADX's forecast oil production from the Vienna Basin will flow to BP over the new fixed price swap.


That works out to be 14,930 barrels of oil, or 100 barrels of oil per day. ADX reports the Gaiselberg and Zistersdorf average field production in early 2021 was 306 barrels of oil per day.


The energy stock said it expects the Brent crude oil price to remain above US$70 (A$96.07) per barrel heading in to 2022 after sustained increases in 2021.


It plans to use the increased net revenue to fund production enhancing well work at the Gaiselberg and Zistersdorf fields.


ADX stated it also wanted to "continue a program of portfolio growth initiatives for oil and gas as well as compatible green energy production opportunities."


Read the Full Article on The Market Herald here

ADX TEAMS UP WITH SIEMENS AND RED

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ADX Energy (ASX:ADX) teams up with Siemens and RED for geothermal pilot project in Austria

Energy

ASX:ADX
ADX Energy (ASX:ADX) - Executive Chairman, Ian Tchacos - The Market Herald
Executive Chairman, Ian Tchacos
Source: The Market Herald

  • ADX Energy (ADX) has agreed to build and operate a well site in Austria with Siemens Energy and RED Drilling & Services
  • The parties have all signed a letter of intent for the project, which will use geothermal power generation technology
  • The pilot program is expected to commence during the third quarter of 2021
  • ADX's role will be to provide overall project management and to obtain the necessary regulatory permits

ADX Energy (ADX) has agreed to build and operate a well site in Austria with Siemens Energy and RED Drilling & Services.


The parties have all signed a letter of intent for the project, which will use geothermal power generation technology. The pilot program is expected to commence during the third quarter of 2021.


ADX's role in the project will be to provide overall project management and to obtain the necessary regulatory permits.


Siemens Energy will provide thermodynamic engineering work for the evaluation of the power generation system and RED will undertake any drilling and well workover operations.


ADX and RED have already found potential well test sites where existing wells can be reconfigured to implement the pilot project. 


Subject to the suitability of the wells and regulatory approvals, it is expected that the first downhole testing could be conducted in the third quarter of 2021.


Geothermal power generation is capable of providing potentially cheap, constant and reliable carbon-free energy.


ADX Executive Chairman Ian Tchacos is pleased to partner with Siemens Energy and RED for the well site.


"The Pilot Project demonstrates the potential for oil and gas reservoirs to be redeployed for green energy solutions in the near future," he said.


"The redeployment of such assets is not just good for the environment, it is good business. We are especially pleased to become more involved in rapidly growing geothermal power industry."


Read the Full Article on The Market Herald here

ADX IMPROVES OIL HEDGING PRICE

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ADX Energy (ASX:ADX) improves oil hedging price

Energy

ASX:ADX
ADX Energy (ASX:ADX) - Executive Chairman, Ian Tchacos - The Market Herald
Executive Chairman, Ian Tchacos
Source: The Market Herald

  • ADX Energy (ADX) enhances its oil price hedging with BP for the Vienna basin field production
  • The new agreement will use an average Brent crude oil price of US$71.71 (A$96.14) per barrel
  • This is a jump from the previous contract of US$44.34 (A$59.44) per barrel
  • The new contract commenced on July 1 and will end on October 3

ADX Energy (ADX) has improved its oil price hedging with BP for the Vienna basin field production.


The new agreement will use an average Brent crude oil price of US$71.71 (A$59.44) per barrel, which is a jump from the previous contract of US$44.34 (A$59.44) per barrel.


The new contract commenced on July 1 and will end on October 31.


ADX's hedge position now covers around 200 barrels per day, which includes two hedge contracts.


The 60 per cent increase in averaged hedged oil price is expected to generate a substantial increase in gross revenue.


The level of crude oil production now hedged compares to the current field oil equivalent field production of 320 barrels per day.


Notably, crude oil trading has improved compared to the majority of 2020 which provides substantially increased revenues from the Gaiselberg and Zistersdorf fields.


ADX said the expected increased net revenues will allow the company to pursue further well work and continue to grow its oil and gas portfolio.


Read the Full Article on The Market Herald here

THE GAS FIRED INVESTMENT OPPORTUNITY

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The “gas-fired” investment opportunity in the Australian energy sector

The “gas-fired” investment opportunity in the Australian energy sector
Source: Santos


  • The global energy market crashed in 2020 as weak demand, ramped-up production, and the COVID-19 pandemic sent oil prices tumbling
  • The sector gradually recovered in the 12 months after the crash, but U.S. petrol has hit a massive supply crunch just this month after a major cyberattack against fuel pipeline operator Colonial Pipeline
  • Yet, the Australian government has pegged the energy market as one of the catalysts for the nation's COVID-19 economic recovery
  • Prime Minister Scott Morrison and Energy Minister Angus Taylor have outlined a string of government measures to prop up the energy sector in coming months and years
  • On top of this, analysts like Deloitte, UBS and Goldman Sachs are all predicting rising oil prices over the next few years
  • Given the ASX energy sector is still far below its pre-pandemic glory, the energy market could present a unique opportunity to Australian investors
  • On the upper end of the market, the likes of Santos (STO) and Beach Energy (BPT) could offer relatively safe but smaller gains to investors
  • On the junior, more speculative side of the market, the likes of State Gas (GAS), Australis Oil and Gas (ATS) and ADX Energy (ADX) are on watch by investors
  • Whether ASX investors opt for safe or speculative plays, the energy market has been largely overlooked in Australia's COVID-19 market recovery so far

    Read the Full Article on The Market Herald here

AUSTRIA - AN OIL REGION ON THE RISE

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The Mozart of mining: could Austria become a new classic for oil and gas?


  • If asked to provide a list of countries known for their mining prospects, Austria may not be one of the first locations that comes to investor's minds
  • With an extensive and often lucrative resources history, it prompts the question as to what could be on the cards for Austria's future in this space 
  • Two major corporations have long-held majority access to Austria's untapped oil and gas resources, however, there are indications this could be about to change 
  • Australian-based explorer ADX Energy (ADX) has its sights set on the region after acquiring two oil and gas fields in the prospective Vienna Basin 
  • Just recently, ADX gained concession agreements for exploration, production and gas storage in Upper Austria
  • The move makes ADX the sole exploration operator at the Austrian part of the Molasse oil and gas basin
  • With the stage set and players in place, all that remains is to sit and listen to the next movement of the Austrian mining story



If asked to provide a list of countries known for their mining prospects, Austria may not be one of the first locations that comes to investor's minds.

Perhaps better known for its rolling mountains, skiing, The Sound of Music and as the birthplace of Mozart, Austria, in fact, has a long and relatively unknown resource history.

It also appears to have a promising future, with an ASX-listed company taking a shine to the little-known, high-potential region, acquiring two oil and gas fields in one of the country's most prospective basins.

The overture

Austria's current resource production clocks in at just over one billion barrels of oil and three trillion cubic feet (TCF) of gas per year.

These results are not necessarily a first for Austria, which has a long-standing mining and political history dating back to the early twentieth century.

There was a point in Austria's timeline when it sat as the third-largest oil producer in the world, amassing 2,077,000 tonnes of oil during 1909 under the Austrian-Hungary Monarchy.

Attempts were made to extend and build on these resource findings after the first world war, however insufficient geological knowledge and post-war economic woes made it difficult for operations to hit any high notes.

Oil and gas tenements in Austria were controlled via the interests of other countries, first by Germany and then by the USSR, before eventually being fully returned back into the hands of Austria in around 1955.

Like many of its western counterparts, Austria's drilling and geophysical equipment have progressed a long way since the '50s, allowing it to continue its pursuit for mineral riches. 


The end result is a country with a lucrative gas pipeline network, situated within a major economy and a plethora of potential untapped resource.

The key performers

Only two companies have officially explored and produced in Austria, namely, RAG Austria AG and OMV Group.

Both of their stories also go way back, emerging in the wake of the country's mission to develop its own oil, gas, and independence.

Founded in 1932, RAG Austria has something of a right to coin itself as the oldest company in Austria in the oil exploration and production field, making its first oil discovery in 1937 and beginning commercial gas production in 1963.

RAG is a private company, owned by Shell and RAG-Beteiligungs.

OMV's story began in 1956, emerging after negotiations on the Austria state treaty, when the country was granted its own independence.

The company was appointed to manage the logistical transition of oil and gas properties in around 1955 to meet western operational standards of the time as it became further aligned with western work approaches.

It has since gone on to become a multinational oil and gas giant, ranked by Forbes as the 441st largest company in the world for 2020 and is currently listed on the Vienna Stock Exchange.

For a country with such untapped exploration opportunities, it would be a fair assumption there's more than just two companies looking to chime in.

While the Vienna Basin bears striking similarities to gas prospects on our own home soil there's one ASX player who's set its heart on exploration in the central European country.

Centre-stage for ADX Energy?

ADX Energy (ADX), the ASX-lister with a particular focus on the European oil and gas exploration, is in the process of making some big plays in Austria.

Back in 2019, the disruptor made its first advances into the prospective Vienna Basin, purchasing the Gaiselberg and Zistersdorf onshore oil and gas fields.

It officially took the number of oil and gas developers in Austria to three, a transaction ADX Energy's Executive Chairman described as "transformational" and a significant milestone for the explorer.

While COVID-19 has made it difficult to even enter and exit a country, let alone complete exploration activities, ADX appears to have capitalised on the downtime, lining up some compelling developments.

Taking advantage of the locality of its recently Gaiselberg and Zistersdorf acquisitions, ADX has flagged plans to potentially utilise already depleted reservoirs at its for hydrogen storage.

The potential of the fields is owed to its close proximity to major renewable electricity sources that could be used for renewable hydrogen or, green hydrogen production.

In most recent news, ADX has been granted concession agreements for exploration, production and gas storage in Upper Austria, making it the sole exploration operator in the Austrian part of the prolific Molasse oil and gas basin.

The explorer says drilling can commence within a short time and hydrocarbons can be developed quickly, cost-effectively and with a high degree of commercial certainty.

ADX Energy's asset position in Austria
Source: ADX Energy

In terms of financial matters, ADX has assumed a hedging position against the Brent crude oil price, securing in a bid to ensure a more certain cash flow during a period of expected ongoing volatility in oil prices, to keep operation costs ticking over.

As per its most recent quarterly financial statement, ADX has just over $2.8 million in available funding, enough to sustain operations in 2021's first half.

With the stage set and players in place, all that remains is to sit and listen to the next movement of the Austrian mining story.


SEE FULL ARTICLE HERE 


ADX TURNS HEADS IN EU WITH NEW DEAL

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ADX turns heads in Europe with transformational deal

Wednesday 9th December, 2020


ASX-listed Europe-focused onshore oil and gas play, ADX Energy, has caught the eye of London-based institutional broking and advisory firm, Auctus Advisors, following a “transformational” deal in Upper Austria. The deal, which saw ADX pick up an enviable oil and gas acreage position spanning 450 square kilometres boasting an array of drill ready prospects, was described as game changing by Auctus.

Perth-based ADX was recently awarded the two exploration and appraisal licences let go by long-time Austrian petroleum producer, RAG Austria AG, who is gradually withdrawing from its upstream oil activities. As a result, ADX became the only exploration licensee in Upper Austria’s prolific Molasse Basin, which is one of the country’s two mature petroleum fields.

The company’s unique Upper Austria oil and gas foray grabbed the attention of Auctus Advisors, who called the acquisition of the licences “game changing” in a research note marking its initiation of analyst coverage of ADX.

According to ADX, the founders of Auctus have a strong background in the energy capital markets space and are serious followers of the energy sector. All were founders or held senior posts at the FirstEnergy capital markets group before it was taken over.

The London broking firm’s coverage of the stock may represent the beginning of the pathway to a possible listing in London on AIM, ADX says.

One of the potential benefits of a dual listing is its Chief Executive Officer, Paul Fink, can open the door to potential German-speaking investors in Vienna and Frankfurt who may be looking at European onshore oil and gas plays and would be able to trade on AIM via Euronext.

ADX says an AIM presence may also position it for a further phase of acquisition of petroleum assets from RAG.

Auctus analyst, partner and co-founder, Stephane Foucaud, said in the research note:“RAG recently went through a drastic change of strategy to focus on its utilities and gas storage business rather than upstream oil and particularly exploration. As a result, while (RAG) had shot extensive 3D seismic on some of its assets ahead of planned exploration and appraisal activities drilling, the firm is not allocating any more capital to such activities. A further consequence of the change of strategy is expected to result in RAG selling further upstream oil assets.”

Asset divestments and the continued retreat from upstream oil operations by RAG place ADX in pole position to snap them up.

ADX has dubbed the newly acquired asset a drill-ready, multiple-prospect and high-success-rate project adjacent to well established energy and associated infrastructure.

The licences, which the company picked up for a song, already have 10 walk-up drill targets – with estimated combined P50 prospective resources of 42 million barrels of oil equivalent – ready to go.

According to ADX, its Upper Austria package also contains 70 additional follow-up prospects and several low-risk appraisal targets offering potential low-risk cash flow opportunities.

As part of the acquisition agreement with Austria’s mining authorities, ADX has secured access to a massive 3D seismic, drilling, wells and production database from RAG that is set to pave the way for near-term drilling activity and save ADX years in exploration and development time and millions of euros in the process.

RAG has produced more than 800 billion cubic feet of gas and 70 million barrels of oil to date in Upper Austria and ADX’s licences surround RAG’s producing oil and gas fields and export infrastructure.

The nearby mature RAG fields mean ADX can tap an in-depth geological knowledge of the basin and therefore save on sinking mountains of capital into early-stage exploration to build a geological understanding.

In addition, ADX is blessed with members of an experienced technical and operations crew on the ground who have worked for RAG.

However, given the project’s large prospects inventory, ADX intends looking at farm-out options for some of the ground in the new year. The company says the availability of high-quality, myriad drill-ready prospects proximal to infrastructure based on an extensive data set and a high historical exploration success rate is expected to yield market interest.

"This is transformational step forward for ADX ... ADX through its relationships with RAG and the ministry as well as a strategic exclusive database has been able to secure an exceptional acreage position with a drill-ready portfolio.

The company has been able to build on its acquisition of the Gaiselberg and Zistersdorf fields in the Vienna Basin. It would normally take at least four years and a cost of at least €10 million to be in our current ‘ready to drill’ position for a license area of this size."

Said ADX Energy Executive Chairman, Ian Tchacos


The licences will cost ADX €340,000 in a bank guarantee to cover Austrian exploration license fees and an initial work program commitment of up to two wells.

Across ADX’s 10 drill-ready targets, Auctus points out the P50 prospective resources for each of them ranges from just above one million to 15 million barrels of oil equivalent with an average prospect size of 4.2 million barrels of oil equivalent.

The beauty of the new licences, according to Auctus, is that even ADX’s prospects with fewer than one million barrels of oil equivalent of target resources would be“economically viable due to the proximity to existing infrastructure operated by RAG, highly productive reservoirs and relatively shallow drilling”.

Auctus analyst Stephane Foucaud said:“The largest individual prospects exceed more than 10 million barrels of oil equivalent resources. The ultimate prize is much larger with 70 additional follow-up prospects and leads.”

“Any discovery can be quickly monetised through the extensive existing RAG-owned infrastructure. Overall, ADX plans to be producing 2,000 barrels of oil equivalent per day by year-end 2021 with the prospect of additional potential acquisitions from RAG.”

“Individual well flow rates in the Molasse Basin can reach 1,000-2,000 barrels per day … This leads to quick payback periods for wells in Upper Austria.”

The historical success rate of wells guided by 3D seismic has been approximately 47 per cent over the exploration targets drilled by RAG in the Molasse Basin.

ADX currently produces about 300 barrels of oil equivalent per day from the Gaiselberg and Zistersdorf licences in Eastern Austria’s Vienna Basin.

UK BROKER NOTE $0.30 SHARE PRICE TARGET

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VIDEO & MEDIA

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Executive Chairman of ADX Energy Ian Tchacos unveils company’s ambitious geothermal pilot plant with German Giant Siemens Energy



ADX Outline Their Business Case for a Hydrogen Storage Business in Austria




ADX Energy Chairman Ian Tchacos - February Investor Update




Ian Tchacos from ADX Energy talks about the recent Capital Raise and future outlook  for the company - The Market Herald Dealroom, December 2020


Investor Updates with Ian Tchacos, Adx Energy - June 2020 - Mines & Money





April Updates with Ian Tchacos, ADX Energy



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