First of manyDrilling of LICHT-1 is estimated to cost ~$8.5m,...

First of many

Drilling of LICHT-1 is estimated to cost ~$8.5m, though this is largely covered by partner MND Austria’s commitment to fund €4.5 million ($7.4m) to earn 50% of the MND Investment area within the ADX-AT-I licence.

The well is the first of several similar prospects such as GOLL, HERR and STOET in the same licence that are covered by high quality 3D seismic to be tested by ADX.

Should it be successful, it will de-risk these prospects, some of which are significantly larger than LICHT-1. This could as much as triple gas resources in this area of the ADX-AT-I licence.

There is also potential for more gas to be found within the shallower reservoirs at LICHT-1.

If successful the LICHT prospects will benefit from its close proximity to existing gas pipelines, enabling a quick and cost effective pathway to market.