ADX Energy Ltd.: Operations Update Austrian Appraisal, Exploration and Testing Program

[ Reports ]

Wien (pta004/25.07.2024/08:00) - "Drilling of the Anshof-2A oil appraisal well in September to be followed by drilling of a gas exploration well in ADX-AT-I licence in October 2024"

"Welchau-1 data evaluation, planning and permitting in preparation for production testing during Q4 2024"

Key points:

Anshof-2A Oil Appraisal Well

* Drilling of the Anshof-2A side track well is expected to commence in early September 2024. The well will target a bottom hole location up dip from the Anshof-2 well using the RED 202 Drilling Rig (refer Figure 1).
* The well is expected to intersect thick Eocene reservoirs similar to that encountered by the Anshof-2 well which were approximately 6 times thicker than the producing Anshof-3 discovery well.
* The sidetrack well will take approximately 2 weeks to drill and is planned to be tied in to the recently installed Anshof permanent production facility located at the Anshof-3 site.

Gas Exploration Well

* The drilling of a gas exploration well is planned in early October 2024 in the MND Investment Area within the ADX-AT-I licence.
* Drilling and environmental permitting for the IRR-1 prospect is expected to be completed by mid August 2024. The LICHT-1 prospect has already been permitted (refer Figure 1).
* A decision on the drilling of the well will be taken in early August to allow for the preparation of the drill site ahead well spud.
* The prospects target high productivity gas reservoirs proximal to gas infrastructure.
* MND will fund the first EUR 4.5 million of the well costs to earn a 50% economic interest in the MND Investment Area.

Welchau-1 Evaluation and Well Testing

* Analysis work on the 450-metre column of condensate rich gas and liquids encountered in the Welchau-1 exploration well is ongoing with a view to a revised resource estimate being released in early September 2024.
* A submission has been made to the designated environmental authority to undertake production testing operations during the winter period from 1 October 2024 to 31 March 2025.
* A detailed well testing program designed to evaluate the larger than pre-drill expected multiple hydrocarbon reservoirs encountered at Welchau -1 is expected to be completed during August 2024.

For more details please see the PDF file.

(Ende)