ADX appraisal well boosts Anshof oil production as focus turns to nearby drill targets

ADX Energy brings Anshof-2A oil well into production at an initial rate of ~70 barrels per day with the potential increase the rate over time
This increases Anshof oil production up to 170bpd, 100bpd net to the company
Long-term production being assessed while further appraisal opportunities are being investigated

Special Report: ADX Energy has started flowing oil from the Anshof-2A appraisal well at its Anshof oilfield in Upper Austria after tying it into the permanent production facility.

The well, which intersected a 6.5m oil column – three times thicker than that encountered in the Anshof-3 discovery well – is currently flowing oil at an initial rate of about 70 barrels per day (bpd).

This adds to oil output from Anshof-3 which has produced at an average rate of 105bpd since October 2022, increasing Anshof output to 170bpd of which 100bpd is net to the company.

ADX Energy (ASX:ADX) notes that Anshof-2A is also producing 134bpd of water, a rate that it considers to be relatively high given the thickness of the oil column encountered above the oil-water contact.

As such, it will monitor the well to determine the long-term production trend over time with a view towards increase oil production rates.

Seeking more nearby oil potential

The company is also pursuing further production growth from appraisal potential within the Anshof field area in partnership with MND Austria, which is locked in to fund 60% of a further appraisal well within the Anshof field area to earn 50% of the MND Investment Area.

More Anshof wells will allow the company to fill its permanent production facility, which has the capacity to process 3000bpd of liquids.

Proximal to Anshof, ADX has mapped a number of near field exploration prospects in the ADX-AT-II exploration licence that it is maturing for future drilling.

It may seek to co-fund drilling of these prospects through future energy investment partnership arrangements.

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.