Rig on location to test ADX’s Upper Austrian oil discovery
Testing of ADX’s Anshof-3 oil and gas discovery in Upper Austria is imminent with the contracted workover rig mobilised to the well location.
The test program will evaluate the long-term production and economic potential of the Eocene oil zone at the Anshof-3 well location while obtaining further valuable data to assess the Eocene oil reserves potential at the Anshof discovery.
First oil flow is expected during the week commencing 18 April 2022.
Once the 6m gross Eocene oil zone is tested, ADX Energy (ASX:ADX) plans to put the well into production with an early production unit utilising a rod pump.
Produced oil can be delivered by truck to a nearby oil terminal until the company secures a production licence for the entire Anshof discovery.
Austrian law allows for the interim production of up to 37,000 barrels prior to the finalisation of a production licence.
The company had previously estimated that the reservoir could produce between 40 and 100 barrels of oil per day based on well performance from analogous nearby Eocene zone production wells.
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.
Fellow Australian Xstate Resources (ASX:XST) has a 20% interest in the Anshof project.
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.