Join our daily newsletter At The Bell to receive exclusive market insights
- ADX Energy (ADX) begins preparations for production testing operations at its Anshof-3 exploration discovery well in Austria
- Focus is on the deeper Eocene sandstone reservoir oil zone and the shallower Miocene sandstone reservoir gas zone
- The aim of this drilling is to determine the oil flow rate potential of both the Eocene and Miocene sands and determine the sequence of potential commercial production
- It is expected that first commercial production can be achieved within six months of a successful testing program
- ADX ends the day 6.25 per cent in the red with shares trading at 0.8 cents
ADX Energy (ADX) has begun preparations for production testing operations at its Anshof-3 exploration discovery well in Austria.
Focus is on the deeper Eocene sandstone reservoir oil zone and the shallower Miocene sandstone reservoir gas zone.
The Cenomanian oil zone will not be tested because it is likely to exhibit better reservoir quality elsewhere within Anshof-3.
The RED Drilling & Services GmbH W-102 rig will mobilise to site during the week beginning March 1.
Drilling at the Eocene reservoir will be undertaken to perforate and test a six-metre sandstone oil interval at a measured depth (MD) of 2302 metres.
ADX will also perforate and test a 20-metre Miocene sandstone gas interval to a measured depth of 800 metres.
Based on the results, ADX will complete the Anshof-3 well for potential commercial production.
The aim of this drilling is to determine the oil flow rate potential of both the Eocene and Miocene sands and determine the sequence of potential commercial production.
It is expected that first commercial production can be achieved within six months of a successful testing program.
ADX has ended the day 6.25 per cent in the red with shares trading at 0.8 cents in a $23.79 million market cap.
