ADX in good cheer with oil and gas find in Austria
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ADX has started 2022 on a high note with the discovery of both oil and gas at its Anshof-3 exploration well within the ADX-AT-II licence in Upper Austria.
Preliminary drill data including measurement while drilling and mud logging indicates the well has intersected a 9m gross interval at the primary Eocene oil target and a 20m gross interval with strong gas shows in shallower Miocene formations.
Based on extensive experience within the basin, the hydrocarbon shows are indicative of moveable oil and gas.
ADX Energy (ASX:ADX) says the Eocene oil reservoir and other geological markers such as Top Oligocene and Top Cretaceous have been encountered as predicted, further confirming the presence of a large structure as mapped pre-drill on 3D seismic.
The company will now drill Anshof-3 another 100m to its planned total depth of 2,500m to intersect a potential secondary target – the Cenomanian sandstones – before carrying out electric logging.
“The Board of ADX is very encouraged by the well results to date, the safe and efficient drilling of our first well, as well as the potential of the Anshof area for both oil and gas production,” executive chairman Ian Tchacos said.
“Access arrangements to nearby infrastructure enable rapid tie-in of discoveries. It is an extraordinary result by our team on the ground to have a potential discovery within 12 months of securing an exploration license.
“The speed of licensing and the ability to conduct efficient, cost effective operations demonstrates the benefits of operating in Austria.”
Anshof-3 targets 6.6 million barrels of oil equivalent and will validate the company’s new structural model and de-risk multiple follow up prospects if successful.
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.