ADX Energy Ltd.: Operations Update

[ Report ]

Wien (pta014/13.11.2024/11:45) - "The Welchau-1 discovery well is being prepared for production testing. Flow testing of the well is expected to commence in approximately one week"

Key points:

* ADX holds an 75% economic interest in the Welchau-1 discovery and other emerging prospects in the Welchau Investment Area located in ADX' ADX-AT-II licence in Upper Austria (refer Figure 1).
* The RED Drilling & Services W-102 workover rig (Workover Rig) together with ancillary equipment was mobilised on the 4th and 5th of November 2024.
* Since mobilisation the Workover Rig was set up on the Welchau-1 discovery well and further surface testing equipment and materials have been mobilised to site.
* A well completion has been run in the well (tubing, packer and perforating system) in preparation for flow testing the well.
* Current operations include ongoing well completion work in preparation for flow testing as well as the rig up of Flow Testing Facilities, which includes a test separator, the necessary pipework and production storage tanks.
* Flow testing of the Steinalm formation will commence in approximately one week after well perforation as well as Flow Testing Facilities rig up, pressure testing and function testing.
* The flow testing program includes the two major Triassic – Mesozoic age reservoirs encountered in the Welchau-1 well, starting with the deeper Steinalm formation and then the shallower Reifling Formation.

The range of Prospective Resources estimated by ADX is shown in the following table. The estimates are on the basis of an expected high gravity (43.6° API) light oil with associated gas expressed in million of barrels of oil equivalent (MMBOE) (refer ASX reporting date 26 September 2024):

(1)Prospective Resourcesare those estimated quantities of petroleum that may potentially be recovered by the application of a future development project(s) related to undiscovered accumulations. These estimates have both an associated risk of discovery and a risk of development. Further exploration appraisal and evaluation is required to determine the existence of a significant quantity of potentially moveable hydrocarbons.

For further details please see the PDF file.

(Ende)