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- ADX Energy’s (ADX) flow testing programs at its Iecea Mica-1 well site have been delayed due to border restrictions in Romania
- Romania has reinstated its border restrictions in a bid to curb the spread of COVID-19, meaning the Hungarian wireline contractor is unable to get to the well
- Despite the setback, the company says the well testing is expected to resume next week
- On the market today, ADX is up 16.67 per cent and is trading for 0.7 cents per share
ADX Energy’s (ADX) flow testing programs at its Iecea Mica-1 well site have been delayed due to border restrictions in Romania.
Romania has reinstated its border restrictions in a bid to curb the spread of COVID-19, meaning the Hungarian wireline contractor is unable to get to the well.
Despite the setback, the company says the well testing is expected to resume next week. The Iecea Mica-1 Well is located at the Iecea Mare Production Licence, onshore in Romania.
“The wireline contractor is expected to be back on site on July 27 to resume pressure monitoring operations on the well,” the company told the market.
Results from the testing will be provided to shareholders over the coming weeks.
Previously, the well encountered gas across three zones, leading ADX to plan follow-up testing. However, COVID-19 came to town and the testing was deferred due to border closures.
However, ADX has been able to monitor the ongoing pressure build-up at the surface, which has indicated a gradual influx of gas from the reservoir. Over the past 16 days, the well head pressure has increased from 780 pounds per square inch (psi) to 1650 psi.
On the market today, ADX is up 16.67 per cent and is trading for 0.7 cents per share at 10:49 am AEST.
