ADX drilling confirms natural gas discovery in Molln

Ian Tchacos, ADX Executive Chairman

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Molln/Vienna (pts010/18.03.2024/09:30) - The test drilling by the Australian exploration company ADX Energy has encountered hydrocarbons in the Welchau-1 well near Molln (Upper Austria). The company has discovered a condensate-rich natural gas deposit at the predicted depth and primary target formation of 1452-1567 meters, which now needs to be further evaluated before a potential development. Since the nature conservation permit expires on March 31, further tests will be postponed until the fall and the drilling rig will now be dismantled.

The final depth of 1,733 meters was reached on Sunday evening (March 17th), after the drilling team had already encountered rock layers that showed strong signs of natural gas down to a depth of approximately 1,645 m. According to the drilling results to date, ADX has drilled approximately 115 meters of condensate-rich gas layers in the primary target "Steinalm Formation". This largely corresponded to the forecast before drilling and proves the high reliability of the ADX structural model for the deposit in Molln.

The Steinalm formation that has now been drilled is the same gas-bearing zone in which OMV discovered and tested condensate-rich gas in 1989 (Molln-1 well). The analysis shows that the gas from Welchau-1 is very similar to the gas tested by Molln-1. Over the next few days, the 8 ½-inch drill section is scheduled to be completed with extensive downhole and pressure measurements, as well as gas and liquid sampling in the most interesting zones. Then more can be said about the quality of the gas deposits and their ability to be produced. A 7-inch casing will be installed by the end of the month, after which the borehole will be sealed and secured for further test work in the fall.

Gas discovery of historic potential

Ian Tchacos, Executive Chairman of ADX Energy, spoke to employees and investors on Monday about a "historic gas discovery" and a potentially exceptional gas resource that now needs to be developed for the Republic of Austria, its industry and households: "The results so far are in line with our expectations and confirm the high geological and technical competence of the Vienna ADX team, which is supported by local and international experts." Tchacos looks forward to fully evaluating the volume of the discovery.

About ADX Energy
The listed ADX Energy Ltd. explores and produces hydrocarbons in Austria and develops storage solutions for green hydrogen. ADX is one of the few companies in Austria that has the know-how and licenses for the development and production of crude oil and natural gas as well as the underground storage of gas. The company operates oil and natural gas deposits in the greater Zistersdorf area (Lower Austria) and Waldneukirchen (Upper Austria). Employees such as supplier companies and service organizations in the production facilities are Austrians who can look back on many decades of successful professional experience. http://www.adx-energy.com

Responsible Sender:
ADX Energy
Dr. Wilfried Seywald | seywald@tsp.at | +43-699-18114006
office@adx-energy.at

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