ADX banks $2.3m in oil, gas sales revenue from European expansion

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ADX banks $2.3m in oil, gas sales revenue from European expansion

ADX Energy has banked $2.3 million in sales for the latest quarter from its Austrian oil and gas projects, with net production averaging 218 barrels of oil equivalent per day.

The oil and gas explorer and producer operates primarily in Austria and Italy, with interests in the Vienna Basin and the Sicily Channel. It is proactively developing its Austrian asset base and exploring new opportunities in energy-starved Europe.

ADX started commercial production from the Anshof-2A sidetrack oil appraisal well in Upper Austria in December last year and also began testing the Welchau-1 gas discovery.

ADX also successfully secured a gas exploration permit in Italy’s Sicily Channel and renewed its Austrian licences until 2028 and secured the extension of $1.25m loan notes until March 2026.

The company had $9.1m in the bank at the end of the quarter.

While the initial results from Welchau-1 testing have been disappointing, the Welchau discovery is significant and warrants further evaluation given the presence of hydrocarbons, the shallow onshore location in a potentially large structural setting with deeper potential and identified follow-up exploration opportunities.

Tchacos said due to its structural and reservoir complexity, Welchau would require further work to determine the potential of the play and ADX would continue to develop its Austrian asset base focussing in the near term on multiple low risk, proven, drill ready and quick to commercialise oil and gas prospects.

ADX now plans to enhance its exploration portfolio and form partnerships for near-term drilling prospects, aiming to create shareholder value.

Next quarter’s planned activities include continued monitoring and sampling of the Welchau-1 well and resolving environmental clearance objections so that it can recommence flow testing operations.

ADX will also dive deep into its new gas exploration permit covering 346 square kilometres in the highly prospective Sicily Channel.

Historical drilling in the area has confirmed the presence of “sweet” natural gas in shallow reservoirs ranging from 700 metres to 1300m deep. The project can be progressed quickly due to the presence of high-quality seismic data.

It also offers ADX an opportunity to deliver to Europe a cleaner, locally sourced gas supply as the company opens a new frontier for itself in southern Europe to complement its existing and highly successful gas-producing fields in Upper Austria.

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