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 ...
ADX Price at posting:
12.0¢ Sentiment: None Disclosure: Not Held
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