ADX Energy spudded its Anshof-3 well in upper Austria last week, and within the first 24 hours the RED Drilling & Services GmbH (RED) E-220 rig had drilled 17 ½ inch hole to a depth 37m and cemented 13 ⅜ inch casing.
ADX says the latest well is progressing on schedule with management and stakeholders enthused drilling has already touched a well depth of 1123m in 8 1⁄2 inch hole on day 10 of the program – Tuesday the 28th of December.
ADX Energy (ASX:ADX) has now secured a 12 1⁄4 inch hole to 331m, and completed the running and cementing of 9 5⁄8 inch casing and drilling 8 1⁄2 inch hole to the current depth.
Planned future operations include drilling ahead in 8 1⁄2 inch hole to a total depth of 2540m.
Gas shows expected while drilling
Shallow gas shows were encountered from approximately 175m leading to a small delay for degassing during the 9 5⁄8 inch casing running and cementing operations.
The company says these gas shows are common in nearby oil and gas fields and based on the results of offset wells previously drilled in the area, further strong gas shows caused by relatively small, interpreted gas traps are expected to be intersected by the well until the main oil target is encountered at the top of the Eocene sandstone reservoirs.
There is potential for shallow gas accumulations being present at the Anshof-3 well location in addition to the deeper primary oil targets.
Aiming to de-risk follow up prospects
The ADX inhouse team has developed a new structural model constraining the nearby producing Voitsdorf, Bad Hall and Pfarrkirchen oil fields which has resulted in identification of several on trend prospects and appraisal opportunities.
The company believes success at Anshof-3 will validate the new structural model and de-risk multiple follow up prospects.
Anshof-3 has a best technical case prospective resource potential of 6.6 MMBOE with significant upside potential in the primary Eocene sandstone reservoir objective.
The well plan includes a deeper Cenomanian secondary target with a best technical resource potential of 2.1 MMBOE.
The company also expects to receive approval for two additional surface locations by the Forest Authority shortly, which will allow for follow-up appraisal and development drilling.
This article was developed in collaboration with ADX Energy Limited, 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.