A wall of announcements does not hide the fact that yet again ADX has had a hard time getting a flawless well.
For all concerned, it better not be a repeat of Romania, Tunisia, ... lots of announcements but no hydrocarbons produced (just consumed)
Couple of other asides from the annual report:
- Which well led to A$1.6mn of dry hole expense - nothing in the text, just in the numbers
- For 2nd year running they have temporarily shut in wells at Z&G - not profitable currently - if they can't be profitable at current oil/gas prices, will they ever? Either they don't want to take the write-down and cash cost of abandoning the well, or if you are being kind it is because they could be used for their green hydrogen storage and/or CCS plans ... which the annual report tells us is not the current focus of management time and cash expenditure ..
- hope springs eternal that they will be cash flow positive from operations ...
I also note that. other than admitting ot owning 51% of Romania asset, Reabold has said nothing about it other than it might be looking for buyer.
Aptly, their project page for the Romania asset is spot on ...
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