- ADX Energy (ADX) receivs results from an independent review for Anshof and OHO undertaken by RISC
- RISC reviewed the resource and risk assessment for the two prospects and found “them to be reasonable”
- The review showed the mean unrisked prospective resource for Anshof is 6.6 million barrels of oil equivalent (MMBOE) and the probability of success is 43 per cent
- Executive Chairman Ian Tchacos said the ADX Board is “very encouraged” by RISC’s endorsement of the technical work
- On market close, ADX is down 8.33 per cent and is trading at 1.1 cents per share
ADX Energy (ADX) has received the results from an independent review undertaken by RISC Advisory.
RISC reviewed the Anshof and OHO prospects located in the ADX-AT-I and ADX-AT-II exploration licenses in Upper Austria.
The review went over the resource and risk assessment for the two prospects and found “them to be reasonable”.
RISC assessed that the mean unrisked prospective resource for the Anshof prospect is 6.6 million barrels of oil equivalent (MMBOE) and the probability of success is 43 per cent.
While for OHO, the mean unrisked prospective resource is 17 MMBOE for the oil case and 20.4 MMBOE for the gas case and the probability of success is 24 per cent.
ADX has nominated the two prospects to be drilled in its Upper Austria exploration portfolio. The company recently obtained approvals for the drilling of the Anshof-1 well, which is expected to spud in December 2021.
Executive Chairman Ian Tchacos said the ADX board is “very encouraged” by RISC’s endorsement of the technical work.
“The Anshof and OHO prospects are not only very valuable they also provide the potential for a rapid pathway to substantial additional cashflow due to the access to processing and transport infrastructure,” Mr Tchacos said.
“Success at either prospect will de-risk substantial follow up opportunities in each of the licenses.”
On market close for the day, ADX was down 8.33 per cent and is trading at 1.1 cents per share.