ADX’s oil and gas resources in Upper Austria have been validated
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An independent review has validated ADX’s estimates of oil and gas resources at the Anshof and OHO prospects in Upper Austria.
Independent auditor RISC Advisory assessed that the Anshof prospect could host a mean unrisked prospective resource of 6.6 million barrels of oil equivalent (MMboe), which is identical to the company’s best technical case prospective resource, while the probability of success is 43%.
RISC also assessed that the mean unrisked Prospective Resource for the OHO prospect is 17MMboe for the oil case and 20.4MMboe for the gas case with a 24% probability of success.
ADX has a 100% stake in the ADX-AT-I and ADX-AT-II licences that host the two prospects.
“The board of ADX is very encouraged by RISC’s endorsement of the technical work undertaken by ADX prior to the commencement of our Upper Austrian Exploration Program,” executive chairman Ian Tchacos said.
“The Anshof and OHO prospects are not only very valuable, they also provide the potential for a rapid pathway to substantial additional cashflow due to the access to processing and transport infrastructure.
“Success at either prospect will de-risk substantial follow-up opportunities in each of the licences.”
ADX is currently waiting on final environmental approval before drilling the Anshof-1 well in mid or late December.
This is expected to take about 17 days to drill and evaluate at a cost of about €2 million ($3.12m) on a dry hole basis.
Should it be successful, the combination of proven, highly productive reservoirs, as well as close proximity to infrastructure that is accessible on favourable terms, will provide excellent economics and rapid cash flow.
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.