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ADX Energy (ASX:ADX) has revealed its receipt of a favourable decision from an Austrian court, the relevant authority overseeing the company’s Austria-based Welchau project (75% owned), with appeals from environmental groups protesting plans to drill for gas back in January now effectively overturned.
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Because said groups objected to already-granted environmental approvals to kick off drilling, ADX Energy should have been able to continue works while that objection carried on, as was the case under Austrian law in relatively recent history. But by the time ADX was brought into this administrative law process, the laws in Austria had changed.
ADX instead had to suspend its Welchau-1 testing operations at the start of the year, and today’s news effectively reverses that freeze. What its share price does in the near-term future could, in part, indicate the general vibe of retail investor appetite for the EU energy space, heading into 2026.
“ADX may resume drilling and testing activities at the Welchau-1 location during the winter months from the 1st of October to the 31st of March,” it wrote on Monday.
“The Upper Austrian State Administrative Court has now ruled that the Environmental Clearances were granted in accordance with the regulations and that ADX has conducted drilling and testing activities to date conscientiously.”
“The decision is not only important for further testing and exploration operations at Welchau, it is a very positive indication of the ongoing support for gas exploration due to the strong public interest for securing clean domestic natural gas reserves in Austria,” ADX Chair Ian Tchacos said.
ADX last traded at 2.8cps this morning.
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