About half the evening newscast on national TV (ORF) dedicated...

About half the evening newscast on national TV (ORF) dedicated to the potential gas project. Expert gives it <=20% chance of success
In any case, local population appears to be against.
Perhaps, was in Italy, heightened scrutiny may force the company to get a partner with real financial means. ADX has about A$2.5mn in cash after recent debt repayments
We will know in 3 days if the Farm-in partner is in for 100% of well costs, or just 50% (they have until 21 January to bite on the 2nd 50%). If not, they will be trying to raise capital somewhere ... for this, Anshof development, green hydrogen, solar, geothermal, Flysch prospect (remember 50 well plan), Romania (technical evaluation of successful well with problems now in its 3rd year!!), Italy (Offshore, remember)
I think they have the Trump method mastered - distract from one problem by coming up with ten other items to talk about. It has now worked for ADX for over 30 years, including 12 years with the current Chairman and 15 years with the current CEO.

https://tvthek.orf.at/profile/ZIB-2/1211/ZIB-2/14164377

rough translation

Armin Wolf (ORF) Is there a huge natural gas field under the Limestone Alps in Upper Austria that could cover Austria's entire gas requirement for three years? There has been a heated debate about this over the weekend, since a nature conservationist from Molln in Upper Austria accidentally found a corresponding announcement on the website of a small Austro-Australian company. It's been there since last spring, since the company got permission to search for natural gas near Molln. The excitement in the region is now enormous, as a citizens' meeting on Sunday showed. You don't feel informed, especially

because the possible drilling sites are very close to the national park

Limestone Alps would be.

Christoph Bendas (ORF) A suspected gas treasure in Naturiuwel. 22 billion cubic meters of natural gas are to be stored in Molln on the edge of the Kalkalpen nature reserve. The Australian company ADX received a license from the Ministry of Finance in April 2022 to search for the natural gas that could supply Austria for three years. Drilling is not allowed yet, the license for that is still pending. The waves are rising in the population. On Sunday there was a town meeting to mobilize against the project. Today it became known that those affected would like to set up a citizens' initiative to have party status in future proceedings.

Andreas Rußmann (SPO) Infrastructure measures would be created here. Constructions would take place here, the dimensions of which simply cannot be estimated at present, because the gas extraction site possibly very, very large.

Christoph Bendas (ORF) The mayor is also very skeptical about the project

across from.

Franz Maier (Umweltumdachverband) If you assume that here, as described in the investor project, three times the annual deposit of Austria is underground, then the question still arises, what happens after three years, when we have created and used up this are we still not a step further than today?

Christoph Bendas (ORF) How did the Austrian subsidiary of a small Australian oil company get to the Limestone Alps? As early as the late 1980s, OMV drilled ATS 180 million for oil and gas here. ADX is now building on these test wells from '87, '88. A license for gas production has already been obtained from the Ministry of Agriculture under ÖVP Minister Köstinger. The mining agendas are now in the Ministry of Finance, which is also run by the OVP. There it is said to the ZIB 2 that no application for test drilling has been received,

but you openly say:

OFF spokesman (ORF) "The developments of the last few months clearly show that increasing Austria's resilience through diversification of the energy supply is important. Acquiring new sources of supply and alternatives that also include domestic potential, evaluating them in detail - open-ended – to discussing serves the Austrian security of supply."

Christoph Bendas (ORF) Should actually be funded, the gas will initially belong to the Republic. The company is only allowed to sell the gas once it has been promoted and ADX has paid a land and field interest to the state. It should be in Austria stay, one protests.

Alan Reingruber (ADX VIE GmbH) We would feed it into the national natural gas grid and then it's like with electricity. This is distributed in the networks and taken from there, which is then needed and which is expected to be be mainly in Austria.

Christoph Bendas (ORF)

Regarding the criticism of the conservationists he says:

Alan Reingruber (ADX VIE GmbH) The finished drilling of natural gas takes up an area of approximately 2,000 square meters and there are two, three containers. That's it.

Christoph Bendas (ORF) ADX wants to submit its application for approval in February

Place

Armin Wolf (ORF)

And now I welcome Professor to our studio in Graz Reinhard Sachsenhofer. He is a professor of petroleum geology the Montanuniversität in Leoben. Good evening.

Reinhard Sachsenhofer (Montanuniversität Leoben)

Good evening.

Armin Wolf (ORF)

Professor Sachsenhofer, how realistic is it, because that there are actually more than 20 billion under the Limestone Alps cubic meters of natural gas?

Reinhard Sachsenhofer (Montanuniversität Leoben)

One, one, starting would like to say right away, it won't below the Limestone Alps, but within the Limestone Alps. And the is actually unusual. Although it has an indications for Given hydrocarbons, natural gas and petroleum, but until now no commercial find.

Armin Wolf (ORF)

There hasn't been any test drilling lately. Where from do you know, because at all, that natural gas could be there and ho much that could be about?

Reinhard Sachsenhofer (Montanuniversität Leoben)

In 1987, OMV drilled the Molln One well. That The goal at that time was actually the layers below the Limestone Alps. And when they were about 3.3 kilometers deep, surprisingly they encountered gas so that has actually no one expected. Then they tested it. It was uneconomical and would still be uneconomical today. But it's the first evidence that it's actually within the Limestone Alps give gas.

Armin Wolf (ORF)

But if you've known since 1987 that there could be natural gas, why do you now think that there might be the three times the Austrian annual requirement is down there?

Reinhard Sachsenhofer (Montanuniversität Leoben)

In principle it is like this, 35 years ago the geological ones were models are not as advanced as they are today. You have others today Methods and also other conceptual models and according to these, says at least the operating company, the chance is relatively high find significant amounts of natural gas. It's one, one Modification of the conceptual model.

Armin Wolf (ORF)

But do you really think it is realistic that there are such things? quantities lie?

Reinhard Sachsenhofer (Montanuniversität Leoben)

Maybe what does the company say? The company says according to their Estimates could be between four and 44 billion, you The "best guess" is the 22 billion mentioned. Pure geometrically it would work out. But you also have to say the probability is less than 20 percent, somewhere between zero and 20 percent. So it is absolutely possible that is drilled and then a dry hole drilled. Which dryly sounds odd in that case, but it would be then simply water-filled rock.

Armin Wolf (ORF)

If you drill a test hole, you will know how big it is gas deposit is?

Reinhard Sachsenhofer (Montanuniversität Leoben)

You know once if there is gas. Maybe roughly which one size, but you will need a second, third hole around actually estimate how big this occurrence is now really is.

Armin Wolf (ORF)

And you said earlier that it would still be uneconomical today. So why is a company interested in this?

Reinhard Sachsenhofer (Montanuniversität Leoben)

That was what OMV was doing in the Molln one well at the time south stands as the proposed drill point. Further north would be the geometry of the limestone layers of the Alps, as the introduces the operating company, and how it is not entirely unrealistic or as it is actually relatively realistic, there is the geometry different.

Armin Wolf (ORF)

From what amount of natural gas deposits would it be economical

Reinhard Sachsenhofer (Montanuniversität Leoben)

That certainly depends on many factors. But the biggest Gas field in Upper Austria has, I think, 4.3 billion Cubic meters and significantly smaller fields become economical promoted.

Armin Wolf (ORF)

Now the planned drilling site for the Test drilling two kilometers next to the Kalkalpen National Park and supposedly 20 meters next to a nature reserve. Can you do that drill at all?

Reinhard Sachsenhofer (Montanuniversität Leoben)

You'll have to ask the mining authority. But as you say it is next to the nature reserve. So now I have one no no concerns about this and such a hole is in the Basically a minimally invasive procedure.

Armin Wolf (ORF)

If there actually is a large gas field, that you, then really exploited economically, that could den endanger national park?

Reinhard Sachsenhofer (Montanuniversität Leoben)

In my view, not at all. That this gas deposit would be between 1, something and two kilometers deep.

Armin Wolf (ORF)

If only there were really 22 billion cubic meters down there would be. 30 times as much as currently in Austria per year is promoted. How long would one such a gas field then operate until it is almost empty?

Reinhard Sachsenhofer (Montanuniversität Leoben)

That's a good question that depends on how, among other things the rock is permeable. Thumbs once pi, ten to 30years. Depends on the strategy of the company, depends on how permeable the rock is. So how fast the gas to the bore can flow.

Armin Wolf (ORF)

How useful is something like that when in Austria, when Austria in from fossil forms of energy in the next ten to 15 years want to get away?

Reinhard Sachsenhofer (Montanuniversität Leoben)

I'm personally skeptical about getting into the next few get away from it for years. And then I prefer it I Austria, under strict government supervision, gas higher to promote quality, than no Russian gas at the moment and, and I'd rather have that than fracking gas from North America, too is converted to LNG and then shipped by ship will. So I would say that makes a lot of sense.

Armin Wolf (ORF)

If asked in layman's terms, ADX is a tiny company with last not even seven million euros in annual sales, which is currently not times half a percent of gas production in Austria operate. Could such a small company even become such a big one gas deposits?

Reinhard Sachsenhofer (Montanuniversität Leoben)

The people there definitely have the know-how. Are all experienced People who used to be with the other big Austrian oil company have worked.

Armin Wolf (ORF)

Yes at OMV and some of them also have in Leoben studied, but still, that's obviously a really big one small company.

Reinhard Sachsenhofer (Montanuniversität Leoben)

Yes, I mean, they wouldn't drill themselves either. There would can only guess, but probably drill the RAG. No that I, well, I trust them. Yes.

Armin Wolf (ORF)

Now the natural gas belongs to the Republic as long as it's in the ground Austria. Who owns it once it's out?

Reinhard Sachsenhofer (Montanuniversität Leoben)

The contracts throughout Austria are such that about a quarter of Natural gas, or that of value to the state as a license as interest is entitled to.

Armin Wolf (ORF)

Yes, that's money, but that's not...

Reinhard Sachsenhofer (Montanuniversität Leoben)

The remaining three quarters...

Armin Wolf (ORF)

Yes, but that's money, that's not natural gas as such. That that is, if I understand correctly, the company could if they pumped the gas, do whatever she wants with it. So she can sell it where she wants, it doesn't have to be in be sold to Austria?

Reinhard Sachsenhofer (Montanuniversität Leoben)

I'm not a lawyer now, but I assume so obvious reasons that gas is sold in Austria. <unintelligible> the pipelines are nearby, the buyers in which, are near. So I wouldn't make any sense no see sending gas to North America or Japan.

Armin Wolf (ORF)

Says petroleum geologist Reinhard Sachsenhofer, who Probability that Molln really has that much natural gas are estimated at less than 20 percent. have the conversation we recorded in the evening.