ADX Energy Ltd.: Welchau-1 Well Discovers Condensate Rich Gas

Wien (pta011/18.03.2024/09:41 UTC+1)

"The well has intersected 115 metres of condensate rich gas shows in the primary target formation at a depth close to the pre drill prognosis."

Key points:

• The Welchau-1 gas exploration well was spudded on the 24th of February using the RED Drilling & Services GmbH (RED) E200 drill rig in the ADX-AT-II exploration licence in Upper Austria.
• Operations at 6.00 pm Central European Time (CET) on the 17th of March - the well had reached total depth (TD) of 1733 metres measured depth (MD) in the 8 ½ inch hole.
• Progress since the last report on the 10th of March has been the drilling of 8 ½ inch hole from 930 metres MD to a depth of 1733 metres MD and the retrieval of 7 metres of core from the primary target formation.
• The success case forward program is to run wireline logs then undertake down hole pressure measurement, inflow testing and formation fluid sampling across the zones of interest prior to running 7 inch casing and suspending the well.
• Well results from drilling and logging to date are as follows;
• 115 metres of liquids rich gas shows intersected in the primary target formation "Steinalm Formation" at depth between 1452 metres and 1567 metres. The deepest gas shows were encountered in the well at a depth of 1645 metres MD.
• The Steinalm Formation intersection in the well is in line with the pre-drill prognosis providing confidence in the structural model for Welchau.
• The Steinalm Formation intersected in Welchau is the same zone that flowed condensate rich gas in the nearby Molln-1 well at a rate of 4 MMSCFPD in 1989.
• Compositional analysis from gas shows at Welchau indicates very similar condensate rich gas to the gas tested at the Molln-1 well.
• The well hasencountered 380 metres of effective seal "The Lunz Formation" above the main target. Seal quality and thickness was a key risk that has been mitigated based on the results of Welchau-1.

ADX Executive Chairman, Mr Ian Tchacos, said,

"The Welchau gas discovery has the potential to yield an exceptional gas resource for ADX, its partner MCF and the Republic of Austria. The results to date are in line with pre-drill expectations confirming the exceptional geological and technical work by our Vienna team supported by local and international experts. Over the coming week ADX plans to execute its success case evaluation program for the well which will include electric line logging, down hole sampling, inflow testing and pressure measurement required to confirm the reservoir characteristics and the hydrocarbon composition. We look forward to providing further results on this potential play-opening discovery as they become available."

For further details please see the PDF file.

(end)

Emitter:	ADX Energy Ltd. Ölzeltgasse 3/8 1030 Wien Austria
Contact Person:	Vesna Blazevic
Phone:	+43 676 6893465
E-Mail:	office@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