The execution of the concession agreements for the Upper Austria AGS is a significant milestone for ADX which is now the sole exploration operator in the Austrian part of the prolific Molasse oil and gas basin. The new drill ready and potentially substantial growth portfolio in Upper Austria complements the stable, long term, cash flow from ADX Lower Austrian oil and gas fields which are located in the middle of OMV’s (the National Oil Company of Austria) principal area of operations.
ADX is now well positioned for significant short to mid-term growth in Austria, a country where over a 1 billion barrels of oil and 2.7 TCF of gas has been produced, with a stable legal and economic framework as well as attractive fiscal terms.
