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- Austria’s Ministry of Finance awards ADX Energy (ADX) a production licence for its Anshof oil field
- The licence enables ADX to expand the development of the oil field, including the drilling of two development wells in the next 12 months in addition to the already-producing Anshof-3 discovery well
- ADX says the production performance of the Anshof-3 well has exceeded expectations to date, with test production having started in October 2022
- ADX expects to increase its current daily oil production rate of 113 barrels per day to around 150 barrels once more onsite storage becomes available in Q2, 2023
- Shares in ADX are trading at 0.7 cents at 3:35 pm AEDT
ADX Energy (ADX) has been awarded a production licence for its Anshof oil field in Austria by the nation’s Ministry of Finance.
The licence enables the drilling of two development wells within the next 12 months as well as the further development of the already-producing Anshof-3 discovery well.
“The board of ADX is delighted by the award of the Anshof production license less than 12 months after the initial testing of the Anshof-3 discovery well,” ADX Executive Chairman Ian Tchacos said.
ADX’s Anshof-3 well commenced test production in October 2022 and has to date achieved an average stable rate of 133 barrels per day.
This exceeded expectations, and the company now plans to increase the rate to 150 barrels per day when more storage capacity becomes available in Q2 2023.
In October 2022, an independent assessment estimated the Anshof field’s 2P (proven and probable) reserves to be 5.2 million barrels of oil equivalent.
ADX plans to conduct further drilling to test the assessment’s 3P (proven, probable and possible) reserves and 3C contingent resource potential of 26 million barrels of oil equivalent.
“Anshof has substantial independently-assessed reserves and production potential that is expected to provide rapid revenue growth for ADX,” Mr Tchacos said.
The company is maturing two adjacent exploration prospects that have been de-risked by the Anshof discovery.
The production licence marks a significant step forward for ADX as it now looks to sustainably increase its oil production from the Anshof oil field.
Shares in ADX were trading at 0.7 cents at 3:35 pm AEDT.
