- Drilling continues at ADX Energy’s (ADX) Anshof-3 exploration well in Upper Austria, with the drill rig on track to encounter its first oil reservoir target
- The energy stock says the rig recently hit a drill depth of 2201 metres, with the Eocene sandstone target expected from 2310 metres
- The second target, the Cretaceous sandstones, is then expected from 2490 metres
- ADX reports numerous gas shows were observed, with a zone of interest in 20 meters interval noted at 850 meters depth contains several potential sandstone reservoir layers
- Shares in ADX Energy are up 5.26 per cent at 1 cents each
Drilling continues at ADX Energy’s (ADX) Anshof-3 exploration well in Upper Austria, with the drill rig on track to encounter its first oil reservoir target.
The energy stock is drilling the well alongside Xstate Resources (XST), after the two companies signed a farm-out agreement in which XST funds 40 per cent of the costs for a 20 per cent interest.
Since the well was spudded on December 18, drilling has progressed to hit a depth of 2201 metres in an 8 ½ inch hole.
The first target, the Eocene sandstone, is expected to be encountered from 2310 metres, while the second target, the Cretaceous sandstones, is expected from 2490 metres.
Once both targets have been hit, ADX will drill Anshof-3 to a final depth of 2540 metres and finish logging the well.
The company noted in today’s update that several gas shows were observed while drilling from 175 metres to the current depth.
A special zone of interest in 20 meters interval noted at 850 meters depth contains several potential sandstone reservoir layers based on drilling data.
ADX said this zone would be further evaluated once the well reaches its final depth and was logged.
Shares in ADX Energy were trading up 5.26 per cent at 1 cent each at 11:35 am AEDT.