Latest news with #UpperAustrian
West Australian
01-08-2025
- Business
- West Australian
ADX bags $2.6M in quarterly sales as Austrian oil-gas output lifts 23%
ADX Energy has clocked a 23 per cent surge in production for the three months to June from its Austrian oil and gas operations. The company has also flicked the switch on a gas-fuelled exploration blitz by launching plans for a multi-well, shallow drilling program in Upper Austria that could open the cash flow gates. The ASX-listed explorer says total output lifted to 303 barrels of oil equivalent per day (BOEPD) for the past three months, up substantially from 246BOEPD in the March quarter. Despite oil prices sliding 10 per cent for the period, the company was still able to eke out a 4 per cent improvement in revenue to €1.56 million (A$2.76 million). Much of the production growth came from the company's Vienna Basin operations, which averaged 238BOEPD, up from 190BOEPD. The improved performance came after a five-well workover program lifted oil and gas production by 25 per cent and 47 per cent, respectively. The program to repair subsurface equipment and clean up holes was completed in March. ADX also used the quarter to supercharge its gas credentials by hooking up a new carbon dioxide removal unit at its Vienna Basin operations, allowing it to meet strict CO₂ specs for grid operator Netz NÖ without relying on third-party blending. The company says the move has boosted its commercial independence and could pave the way for even greater gas production down the track. In the company's Upper Austrian leases, the Anshof-3 and Anshof-2A wells continued to perform, contributing 66 barrels of oil a day during the quarter compared to 56 barrels in the previous quarter. Notably, the revenue line at the Anshof fields has benefited more from ADX's increased stake in the leases after ex-partner Xstate Resources relinquished its 20 per cent stake in exchange for forgiveness of €547,075 (A$971,000) in unpaid cash calls. The move gave ADX 70 per cent of the broader production area and helped solidify its control of the nearby 3000-barrel-per-day capacity permanent production facility. Directly north of the Anshof field, ADX has been busy locking up land covering two new prospects – dubbed Lind and SGB – seen as excellent appraisal and exploration opportunities. The company says that if these prospects eventually deliver the goods, production could be easily tied back into the processing plant at minimal cost. At the same time, ADX has matured three new drill-ready shallow gas prospects in its ADX-AT-II licence area, including the GOLD prospect, which is on track to spud in late 2025 or early 2026. The company says the GOLD, GRAB and ZAUN prospects offer combined mean prospective resources of 13 billion cubic feet (Bcf) and are near key gas infrastructure, boosting their development economics. The trio of prospects form the first cluster of a broader campaign across seven shallow gas targets estimated to hold a total mean prospective resource of 29Bcf. A farmout process is already under way to support a multi-well drilling program. Meanwhile, the company is gearing up to resume testing at its Welchau-1 oil discovery, pending court resolution of environmental objections. Ongoing work during the quarter defined two new follow-up leads – the deeper Welchau target and the Rossberg prospect to the north. ADX is also preparing to firm up its new offshore Sicily Channel gas acreage. The final anti-corruption compliance hurdle has been cleared and the permit is now expected to be formally granted in the third quarter. Results from historic wells and earlier seismic surveys from the Italian leases have pointed to the potential for sweet gas reservoirs and new data acquisition is being planned. In addition to ramping up near-term production growth, ADX is also eyeing a transition to renewables. It has matured a solar project in the Vienna Basin with 5.4 megawatts capacity and is assessing hydrogen storage options in depleted fields. With growing production, drill-ready gas targets and new acreage in play, ADX is well placed to tap rising European demand for clean, local energy sources. Is your ASX-listed company doing something interesting? Contact:
West Australian
04-06-2025
- Business
- West Australian
ADX lifts Austrian oil field stake to boost production and cash flow
ADX Energy has struck a savvy deal to expand its grip on the Anshof oil field in Upper Austria, by upping its economic interest from 50 to 70 per cent without shelling out a single euro in cash. The Perth-based energy player, through its wholly owned Austrian arm Kathari Energia, has finalised an agreement to acquire Xstate Resources' 20 per cent economic interest in the producing field. In a textbook example of smart dealmaking, ADX offset the €547,075 (A$962,847) purchase price against unpaid cash calls owed by Xstate, leaving its bank balance untouched. ADX's move increases the company's stake in the Anshof-3 production well from 50 to 70 per cent and lifts its share of output from the well to 72 barrels of oil per day (BOPD), up from 58 BOPD. Across its Austrian operations, ADX's daily production now sits at a healthier 307 barrels of oil equivalent (BOEPD). Xstate farmed into the Anshof-3 discovery in 2021. However, the company has now agreed to exit the project entirely to simplify its portfolio, thereby relinquishing all rights and obligations in exchange for giving up its 20 per cent share of the Anshof oil field. Czech group MND Austria still holds the remaining 30 per cent interest in the Anshof field, including a 30 per cent cut of the Anshof-3 well and a beefier 40 per cent slice of production from Anshof-2A. As ADX remains operator of the field, the company's uplift in ownership also includes control over the 3000 barrels-per-day-capable production facility on site. The plant is an automated hub that processes, stores and offloads oil, while using associated gas for power generation. The Anshof field sits in the ADX-AT-II licence, which is already proving fertile ground for oil production and near-field exploration. The area also includes Anshof-2A, currently producing an average of 39 barrels of oil per day (BOPD), in which ADX retains a 60 per cent stake. In its latest quarterly, ADX revealed the company had hauled in $2.5 million in sales for the three months to March, increasing its production by 13 per cent to 246 BOEPD. The latest ownership lift is likely to see the cash number rise again. Turning to exploration, ADX is going all-in on its Upper Austrian grounds, where the company is teeing up a flurry of drill-ready gas targets across its recently extended ADX-AT-I and ADX-AT-II licences - now secured through to 2028. Six shallow gas plays are locked and loaded for drilling, with another seven nearly good to go. All sit in a sweet spot rich in infrastructure and crisscrossed by gas pipelines. All the new targets have been pinpointed using cutting-edge, AI-enhanced 3D seismic, giving ADX a modern edge in a region that's already coughed up 220 billion cubic feet of gas from nearby historical discoveries. ADX has kicked off talks with potential farm-in partners keen to get a slice of the action, and says it expects to lock in funding for a high-impact drilling campaign slated for later this year. The company is also casting its eye beyond Austria, staking a claim in the Sicily Channel off Italy. The newly acquired licence area is shaping up as a potential gas frontier, with permitting expected in the coming weeks. If approvals land as expected, ADX could soon be unlocking a new gas province rich in high-pressure, gas-charged reservoirs. As oil markets remain tightly poised and production assets in stable jurisdictions such as Austria gain value, ADX's play at Anshof could prove a masterstroke - not just for today's barrels, but for tomorrow's discoveries. Is your ASX-listed company doing something interesting? Contact:
West Australian
01-05-2025
- Business
- West Australian
ADX pockets $2.5M from three months of Austrian oil production
ADX Energy looks to be firing on all cylinders having opened up the valves on its Austrian oil operations boosting production by 13 per cent to 246 barrels of oil per day (BOPD) and banking $2.5 million of sales in the process. The company is also broadening its focus having recently acquired the prospective Sicily Channel in Italy looking to break into a new frontier. With drills ready to spin on its 'low-risk' Austrian gas prospects and a cash pile of $6.7 million, ADX believes it is charging toward a breakout year in exploration for Europe's energy-hungry gas markets. The company's recent Sicilian ambitions are expected to be permitted as soon as next month with the potential to tap into untested shallow, gas-rich reservoirs. On the exploration front, ADX says it is doubling down in Upper Austria. The company's ADX-AT-I and ADX-AT-II licenses, renewed until 2028, now include three drill-ready shallow gas prospects and up to seven more, identified using recent AI-enhanced 3D seismic. The low-cost, high-productivity targets — proven by historical wells — are just kilometres from infrastructure, offering the potential of quick commercialisation should the pending program prove successful. The company says it is currently in negotiations hoping to attract funding partners for drilling later this year, aiming to turn gas into greenbacks in quick time. The Welchau-1 gas discovery, a potential 807 BCF behemoth, hit a regulatory snag in the quarter with testing suspended pending an Upper Austrian court ruling based on environmental objections. ADX remains undeterred, planning to resume flow tests once cleared exploring deeper Jurassic oil and gas plays and reprocessed 3D seismic. Meanwhile, at the company's 346 km² Sicily permit, shallow reservoirs just 700m – 1300m in depth are waiting to be tested with historically proven gas, high productivity and proximity to producing fields. ADX plans to conduct additional 2D seismic studies and commission an independent resource assessment at the prospect, that under flexible permitting and national fiscal terms, could deliver cleaner gas to Europe's doorstep with the government's greenlight. Financially, ADX is sitting pretty with $6.7 million in cash and a new five-year crude sales agreement with OMV Downstream, covering two-thirds of its Austrian output at Brent-linked oil prices. The company says it is also fast-tracking permits for further Anshof oil appraisals and shallow gas wells, aiming for yet more near-term cashflow. Hopeful that Welchau-1 testing could resume soon, pending court approval, management insists the partnership talks are heating up, critical for funding the planned drilling blitz without exhausting the company's cash reserves. With Europe's gas prices soaring and import reliance sky-high, ADX remains poised to deliver on its exploration potential. Vienna Basin flow remains steady while Sicily's offshore licence promises plenty of upside, as the company hatches plans for a busy remainder to 2025 with money flowing into its coffers on the back of solid oil production sales. Is your ASX-listed company doing something interesting? Contact:
