Next steps

@afawcett: Where did you read about "the aquisition from RAG"? If this is correct, do we have to expect more dilution and will we get more than two billion ADX shares ?

As I understand RAG is divesting the upstream business and wants only to keep the "greener" gas transport and storage business in Austria.

This means for ADX: they were able to buy relatively cheaply the two very mature oil fields in the Vienna Basin with a production of about 300 bbl/d.

Second ADX purchased some interpreted seismic and ready to drill projects from RAG, especially in Upper Austria.

It is correct that RAG still owns and operates some small oil and gas fields in Upper Austria. It could be a logical step for ADX to purchase these oil and gas fields but I have not seen this info, news???

2011 RAG produced about 2.000 bbl oil / d and 2018 RAG produced about 350.000 m3 gas/d in Upper Austria (see wikipedia.de).

another source says for the whole oil and gas production in 2016 .... - hat die RAG 400,8 Mio. m3 Gas (or about 1.1 million m3/d in 2016 ) produziert und ...... An Öl produzierte sie 106.916 Tonnen (or about 300t/d in 2016)

... guesstimate perhaps about 1.500 bbl oil/d and 300.000 m3 gas/d from Upper Austria???

Not sure if I got the numbers correct and did not find better numbers during a first quick research. But my interpretation is that the gas fields are small and decline fast, the oil fields have a smaller tail end decline. And I wonder how ADX wants to finance that. The same blue print for this deal as they have done in the Vienna Basin?

Hopefully this time the proof of the pudding is in producing gas in Romania (after the discovered hydrocarbons disappeared two times in Italy and in Tunesia during well testing, ending up with two not economical wells). Again ADX is beating the public relations drum but the share price reaction was minus 12.5% on Asx on that day of the PR campaign . Hopefully the gas well in Romania (a production test rate close to 75.000 m3/d ??? would be already okay???) helps ADX to become a penny stock instead of being a sub penny stock.