ADX’s Anshof-3 flows more oil than expected
ADX’s Anshof-3 well has performed better than expected with a maximum flow rate of 132 barrels per day of light crude during testing, higher than initial estimates of 75bpd.
It doesn’t stop there. Downhole pressure data recorded during the entire test period also includes better than expected reservoir flow performance while the lack of flow barriers is a positive indicator for long-term oil production.
This is well above the company’s previous expectations that Anshof-3 could produce between 40bpd and 100bpd.
ADX Energy (ASX:ADX) reiterated that the performance of Anshof-3 has positive implications for future Anshof wells drilled in downdip areas of the greater Anshof structure where the producing Eocene reservoirs are expected to thicken considerably.
With the conclusion of testing, the well was acidised to further enhance productivity and a production string and downhole pump installed in preparation for long-term production.
The company intends to install an early production testing processing facility to deliver oil by truck to a nearby oil terminal, which will generate cash flow as soon as possible under Austria’s legislation, which allows production of up to 37,000 barrels prior to finalising a production licence.
Anshof is a large structure that has been mapped by 3D seismic over a 24sqkm area with a vertical relief of up to 440m.
The company has already identified two follow-up appraisal locations based on ongoing geological and geophysical work to date.
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.