- ADX Energy (ADX) sees an increase of 154 per cent of its 2P developed reserves from its Austrian assets in the Zistersdorf Field and Gaiselberg Field
- Independent consultants RISC Advisory recently completed a competent person’s report on the assets
- Results also saw the 1P developed reserves estimate over 1.1 million barrels of oil equivalent, a 215 per cent compared to the previous 2020 audit
- The estimated net present value of the 1P and 2P reserves is €5.7 million (A$8.7 million) and €15.9 million (A$24.4 million), respectively
- On the market, ADX was up 4.55 per cent and is trading at 1.2 cents per share
ADX Energy (ADX) has reported the results from a competent person’s report undertaken by independent consultants RISC Advisory.
RISC was engaged to audit the developed reserves held by ADX at the Zistersdorf and Gaiselberg fields in the Vienna Basin, Austria.
The findings showed that 1P (proven) developed reserves estimate is 1.19 million barrels of oil equivalent, an increase of 215 per cent compared to the previous 2020 audit.
2P (proven and probable) developed reserves estimate is 1.85 million barrels of oil equivalent, an increase of 154 per cent.
The estimated net present value of the 1P and 2P reserves is €5.7 million ($8.7 million) and €15.9 million ($24.4 million), respectively.
The increase in the audited reserves is based on the recompletion opportunties accessing the behind pipe reserves in exisiting wells.
ADX Executive Chairman Ian Tchacos said the RISC results confirm that the developed reserves and production potential at Gaiselberg and Zistersdorf significantly exceed previous expectations.
“Ongoing field performance and ADX’s technical studies which have been supported by RISC indicate that substantial behind pipe potential in existing wells can be accessed at
low cost to increase reserves, future production and value from the fields,” Mr Tchacos said.
“While the assets are mature, they are very well maintained with adherence to the highest environmental and emission standards.”
On the market, ADX was up 4.55 per cent and is trading at 1.2 cents per share at 2:22 pm AEDT.