pta20231031007
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ADX Energy Ltd.: Activities Report for the Quarter Ended 30 September 2023

[ PDFs ]

Wien (pta007/31.10.2023/09:19 UTC+1)

ADX Energy Ltd (ASX: ADX, "ADX" or "the Company") is pleased to provide an update on its activities for the quarter ended 30 September 2023.

HIGHLIGHTS

Past Quarter Overview

  • Austrian production and sales revenue increased by 2%, averaging 324 BOEPD and totalling A$ 3,293,593 for quarter *
  • Ongoing test production from the Anshof-3 oil well continued exceeding expectation*
  • Operational readiness and rig available to spud Anshof-2 appraisal well in early November
  • Engineering, procurement and preparations to replace Anshof early production unit with permanent facility capable of up to approx. 3000 BOPD production capacity
  • Operational readiness to commence Welchau-1 explorational well, drilling permit received awaiting environmental clearance to commence drilling
  • Completion of investment agreement with MND Austria a.s (MND) for A$19 million (firm and contingent) funding to earn 30% economic interest in Anshof Oil Development project (Anshof Investment Agreement).
  • Anshof Investment Agreement documentation received ministerial acceptance providing proforma documentation framework for future Austrian farmouts and co-investment
  • Geological and applied science research funding (A$0.6 million) contribution for ADX Welchau prospect area joint studies

*The Anshof-3 well was shut in on the 19th of September 2023 upon reaching the regulatory limit of 5,000 Tonnes (ca. 36,000 Barrels) of test production. Anshof-3 production will recommence after the drilling of the Anshof-2 well and the installation of a permanent production facility in February 2024. Anshof-2 will be drilled from the same wellsite as Anshof-3.

For more information please view the PDF file.

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Emitter: ADX Energy Ltd.
Ölzeltgasse 3/8
1030 Wien
Austria
Contact Person: DI Paul Fink
Phone: +43 (0)676 6893465
E-Mail: paul.fink@adx-energy.at
Website: www.adx-energy.com
ISIN(s): AU000000ADX9 (Share)
Stock Exchange(s): Free Market in Berlin, Frankfurt, Hamburg, Munich, Stuttgart, Tradegate
Other Stock Exchanges: Australian Securities Exchange (ASX), Sydney
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