ADX Energy attracts partner funding for GOLD gas prospect in Austria

• Empyrean Energy signs a binding option agreement to earn 10% economic interest in GOLD Cluster Area
• Multiple shallow gas prospects to be tested
• GOLD well lies proximal to infrastructure

ADX Energy (ASX: ADX) has entered into an agreement with Empyrean Energy under which the AIM-listed company can earn a 10% interest in the GOLD-1 gas well in Austria.

GOLD-1 represents the second shallow gas program well and will follow the HOCH-1 gas discovery well which is currently undergoing production testing.

ADX is planning to spud the GOLD-1 well during the fourth quarter of 2026.

AIM-listed Empyrean will pay a non-refundable option fee of EUR50,000 for an exclusivity period up until 16th October 2026 to finalise funding and EIA documentation.

The parties intend to finalise a GOLD Cluster EIA on mutually agreed terms by the Option Expiry date.

The Earn-in Obligation is equivalent to 20% of the GOLD-1 well cost cap of EUR2,777,000 including drilling, completion and testing. Any unused amount out of the Earn-in Obligation will be applied to fund Empyrean’s share of a subsequent well within the GOLD Cluster Area.

In late August, ADX reported that Hochfeld-1 shallow gas exploration well in Austria had been drilled, cased and completed encountering up to eight biogenic gas reservoirs within the Hall basin floor fan formation.

Positive results had been recorded from all zones tested to date in Phase 1.

The testing of at least two deeper Hall Channel zones is planned during Phase 2.

ADX was steady 1.9¢. Mkt cap $20.39M.

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