Ann: Welchau-1 Discovery Well Cased for Future Testing, page-92

IMO this announcement has many positive points, most of the points are confirming most of the hints, positive data we got already in the past during drilling.

I think The share price crashed because ADX was not able to get a sample from downhole because of differential sticking. I think it was a good decision from ADX not to jeopardize the well. ADX secured the well and runs the casing in hole (and not stubbornly keep on trying to get the sample till you have to drill a side track as IVZ)

What I miss: how many meters will be perforated for the test, did ADX see some Water saturation - But this is somehow ok because ADX needs some time for the final log and interdisciplinary data interpretations.

If it is realy just 10 meters net pay, I think ADX will be able to adjust the well path for the next well. Generally I would say try to drill as many meters as possible in the Steinalm Formation to increase the probability to hit more natural fractures.