ADX Energy Ltd (ASX:ADX) Optimises Upper Austria Acreage, Adds Growth Opportunities
Licence Area Optimisation
ADX Energy Ltd has agreed with the Austrian Ministry for Finance on variations to its ADX-AT-I and ADX-AT-II exploration licences in Upper Austria. The total area under licence remains unchanged, allowing ADX to capture multiple asset expansion opportunities without incurring additional costs.
Growth Opportunities
The optimisation has tripled the number of low-risk, drill-ready shallow gas targets, positioning ADX for rapid production and cash flow growth. Additionally, the Welchau play area has been extended to include new prospects, and high-impact oil and gas opportunities are being matured through enhanced 3D seismic processing and recent well data.
Executive Comments
Executive Chairman, Mr Ian Tchacos, said, “The Company has been building an inventory of low-risk gas prospects for some time by leveraging our knowledge of a proven and commercially successful play that is present across the Basin. As a result of the Area Variations, ADX now has many drill-ready, shallow and fast to develop clean gas targets at a time of the highest European gas prices in two years. In addition, following the results of Welchau-1 and Lichtenberg-1, large evolving hydrocarbon prospects and appraisal opportunities are being matured for drilling. This places ADX into a highly advantageous position to substantially build production and cashflow in the short term and pursue large resource potential from transformational opportunities in the longer term.”
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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