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- ADX Energy’s recently completed work program in Austria’s Vienna Basin has resulted in a 25 per cent increase in production rates
- The program included repairs on two wells and the perforation of behind pipe reserves in another two wells within the Gaiselberg and Zistersdorf fields
- Production levels increased to 318 barrels of oil equivalent per day (BOEPD) which compares favourably to the average production of 254 BOEPD in the December quarter
- ADX considers the increase to be encouraging and will continue trying to maximise oil and gas production in the Vienna Basin
- ADX was up 6.67 per cent to trade at 0.8 cents at the end of the trading day
ADX Energy (ADX) has completed a work program on the Gaiselberg and Zistersdorf fields in Austria’s Vienna Basin that has resulted in a 25 per cent increase in production.
The program comprises well repair work on two wells and the perforation of behind pipe reserves in two wells.
Positively, this work increased production levels by about 64 barrels of oil equivalent per day (BOEPD) to a current field rate of 318 BOEPD. This consists of 281 barrels of oil per day (BOPD) and 37 BOEPD of gas.
In addition to the oil production increase, the field gas rate increased by 85 per cent.
When compared to the December 2021 quarter, the work resulted in a 25 per cent increase in production rates and the fields continue to operate efficiently and stably.
Further, the current production rate is 10 per cent higher than the monthly production rate of the fields when ADX purchased them at the end of 2019. The company said this demonstrates the long-life producing nature of the Gaiselberg and Zistersdorf fields.
Importantly for ADX, the increased production coupled with the current Brent oil price of US$105 (A$144) per barrel is reportedly yielding increased revenues from operations.
Based on this, the company plans to continue seeking opportunities to maximise oil and gas production in the Vienna Basin and will continue to progress appraisal and development opportunities such as its Anshof discovery in upper Austria.
ADX was up 6.67 per cent to trade at 0.8 cents at the end of the trading day.
