ADX Energy Ltd.: Acreage optimisation in Upper Austria adds multiple New Growth Opportunities

Licence Area Variation Additions; ADX Energy Ltd.

[ Report ]

Wien (pta014/12.02.2025/09:26) - "The revised licenced areas will provide immediate, drill-ready and low risk shallow gas prospects. In addition, high impact oil and gas targets have been secured, together with a further extension of the Thrust Belt Carbonate play established by the (still being tested) Welchau-1 discovery".

Key points:

* The Austrian Ministry for Finance and ADX have agreed on a variation of the ADX-AT-I and ADX-AT-II exploration and production licence areas (Area Variations) in Upper Austria. A final area amendment agreement is expected during Q2.The Area Variations have been made such that the total area under licence will remain the same with no additional costs to ADX.
* The Area Variations have been initiated and designed by ADX to capture multiple asset expansion opportunities with different play types in the basin, including:
* A: Multiple, low risk and drill ready Shallow Gas Targets that can provide rapid production and cash flow growth from a proven gas play. The Area Variations have tripled the number of Shallow Gas Targets within ADX' acreage.
* B: Welchau Play Extension acreage including a potential extension of the Welchau-1 prospect, plus coverage of the Molln-1* gas appraisal opportunity (previously outside the Company's acreage) and the follow-up Rossberg prospect.
*The Molln-1 well tested up to 4.0 MMCFD of condensate rich gas in 1989 from a carbonate reservoir of equivalent age to that being tested at the Welchau-1 well.
* C: High Impact Oil and Gas Prospects that are expected to benefit from the ongoing program of 3D seismic processing and stratigraphic knowledge gained from the recent Lichtenberg-1 well.

* In conjunction with the above asset expansion, Anshof Near Field Oil Exploration Prospects are being matured for drilling and tie back to the Anshof production facility.

ADX 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".

For further information please see the PDF file.

(Ende)