ADX Energy grows Upper Austria oil and gas prospect inventory as new drilling looms

• ADX now has 24 drill-ready prospects lined up at its exploration licences in Upper Austria
• Prospects collectively host mean prospective resources of 374Bcf of gas and 31MMbbl of oil
• Shallow gas well GOLD-1 in the ADX-AT-II licence scheduled to spud in Q1 2026

Special Report: ADX Energy continues to refine its inventory of exploration prospects at its ADX-AT-I and ADX-AT-II exploration licences in Upper Austria ahead of planned drilling in Q1 2026.

The company now has 24 drill-ready prospects with total aggregated mean prospective resource estimate of 374 billion cubic feet of gas and 31 million barrels of oil, representing the addition of eight prospects and removal of four prospects since the last update in June 2023.

While prospective resources represent just potentially recoverable hydrocarbons, they still provide a good idea of what could be present if further exploration – especially drilling – is successful.

Of greatest interest to ADX Energy (ASX:ADX) in the near-term are three shallow gas prospects in the newly varied ADX-AT-II exploration licence with the first well – GOLD-1 – expected to spud in Q1 2026.

These are part of a set of seven shallow gas prospects with high expected success rates as they have comparable 3D seismic signatures to historical gas discoveries encountered across the basin.

“The prospect inventory update reflects data obtained from drilling activities and our prospect maturation program utilising the extensive 3D seismic and data base available to ADX,” chief executive officer Paul Fink said.

“In the near term, ADX exploration activities will focus on the potentially extensive, low-risk shallow gas play as well as the near field oil play adjacent to the Anshof oil field and its 3000-barrel-per-day processing facility. 

“These play types, which are low risk and proximal to infrastructure, provide excellent opportunities to increase the company’s cash flow base in the near term. 

“ADX is currently permitting three shallow gas targets and an Anshof near-field oil target which will be drillable within the next six months. 

“In the longer term, follow-up high impact targets in the deeper Sub-Flysch Play, which is expected to benefit from the current 3D seismic processing program, and follow-up Welchau Carbonate Play targets such as Welchau Deep, provide high reward opportunities in areas that are relatively underexplored.”

Play types

The prospects are categorised under five proven play types across the Upper Austria Basin.

First of the exploration rank will be the shallow gas play encompassing low-cost, low-risk, drill-ready shallow gas prospects and the Anshof near-field oil prospects that have the potential for accelerated, high-value oil production.

Meanwhile, the Welchau Carbonate play incorporates the results of technical studies including the historical Molin-1 gas discovery and the company’s Welchau-1 well that have matured the slightly deeper Welchau Deep gas prosect and Rossberg oil prospect, which have mean prospective resource estimates of 125.4Bcf of gas and 19.6MMbbl of oil.

The Sub-Flysch Play includes a number of deeper, high-impact prospects below an underexplored over thrust belt, which are expected to be derisked by ongoing 3D seismic reprocessing.

Four gas-condensate prospects in the play contribute mean prospective resources of 252Bcf to the portfolio.

Molasse represents the latest play and includes the new, highly prospective BUCH gas prospect in ADX-AT-I.

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.