6 days ago
ADX pumps up oil and gas production
ADX boosts June quarter oil and gas production by 23% over previous quarter to 303 boepd
Results delivered a 4% growth in revenue to $2.6m despite falling oil prices from 2 months of sales instead of 3 months.
Including the 3 months of sales, revenue was $3.5 million, growth was 26%
Company plans drilling up to three wells, low risk shallow gas wells in early 2026 in Upper Austria
Special Report: ADX Energy's oil and gas production in the June quarter 2025 was up 23%, with quarter sales revenue increasing by 26% to $3.5 million despite a drop in oil price.
The 23% increase in oil and gas volumes – to 303 barrels of oil equivalent per day (boepd) – was due to a 25% increase in Vienna Basin oil production and 47% increase in gas production.
ADX Energy's (ASX:ADX) Vienna Basin fields delivered average production of 238 boepd during the quarter compared to 190 boepd in the previous quarter following a well workover program completed during the March quarter.
This comprised five well interventions to repair subsurface equipment failures, clean out of a down hole sand control installation and the perforation of a new oil production zone in a well.
Meanwhile, the Anshof-3 and Anshof-2A wells contributed 66 barrels of oil per day, up from 56 bpd in the previous quarter due to the purchase of Xstate Resources' 20% stake.
'During the past quarter, ADX has focused on near term production gains and low risk, as well as rapid commercialisation opportunities for gas and oil within our Upper Austria portfolio,' executive chairman Ian Tchacos said.
'We have substantially increased production and sales revenues despite weakening oil and gas pricing though a 23% increase in production.'
During the quarter, the company submitted an anti-mafia clearance as a final licence granting requirement for its Sicily Channel gas exploration permit offshore Italy.
Anshof-3 and Ansho-2A wells. Pic: ADX Energy
Current and upcoming activities
ADX continues to progress its low-risk, shallow gas portfolio in Upper Austria with Tchacos saying that it is expected to translate into a multi well drilling program in early 2026.
Initial drilling will test the high value and low risk GOLD gas prospect in the recently varied ADX-AT-II licence which is on trend with historic shallow gas discoveries.
At the Anshof licence, the company aims to further increase production through the 3000bpd capacity Anshof permanent production facility by carrying out nearfield appraisal and exploration drilling.
'A number of appraisal and exploration opportunities are being high-graded for drilling with land acquisition already completed for the SGB prospect which lies directly to the north of the Anshof field,' Tchacos added.
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The company is also continuing to progress its promising Welchau-1 well.
'While the interruption to Welchau-1 testing has been frustrating, we expect to be able to resume testing upon the objections to Environmental Clearances being resolved by the State Administrative Court of Upper Austria,' Tchacos said.
'Despite these setbacks, we believe the Welchau Exploration Area has the potential to yield a substantial oil or gas discovery based on our ongoing studies and analysis of data recovered from the well.
'Work during the quarter has resulted in the maturation of the Welchau Deep prospect which may be reached by deepening Welchau1, as well as the Rossberg follow up prospect to the north of Welchau.'
ADX expects to be formally granted the Sicily permit in the coming quarter, which will enable it to undertake further resource assessment including an independent audit, due to the availability of high quality seismic and an historic well data base used previously for deeper oil exploration.
It has also installed a CO 2 removal unit at its Vienna Basin field, allowing it to meet the CO 2 gas specifications for the grid operator Netz NÖ without the need for blending with other producers in the system.
This provides greater commercial independence for the company's Vienna Basin gas and its potential to further increase gas production from the fields in the future.
This article was developed in collaboration with ADX Energy, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
