- ADX Energy (ADX), with the help of farm out partner Xstate Resources (XST), has successfully spudded the Anshof-3 exploration well in Upper Austria
- The two ASX-listed energy stocks began drilling the well on Saturday using the RED Drilling & Services E-220 drill rig
- In the first 24 hours since drilling began, the rig has drilled a 17.5 inch hole to 37 metres and cemented with casing
- ADX is planning to drill a 12.25 inch hole to 340 metres, with preparation underway to drill the next hole section
- Shares in ADX Energy ended Monday up 5.88 per cent at 0.9 cents, while XST ended the day 11.1 per cent in the red at 0.4 cents
ADX Energy (ADX), with the help of farm out partner Xstate Resources (XST), has successfully spudded the Anshof-3 exploration well in Upper Austria.
Xstate agreed to fund 40 per cent of all of the costs involved to drill Anshof-3 in return for a 20 per cent participating interest in the Anshof prospect.
The two ASX-listed energy stocks began drilling the well on Saturday using the RED Drilling & Services E-220 drill rig.
During the first 24 hours of drilling, the rig drilled a 17.5 inch hole to 37 metres and then cemented it with casing.
The two companies plan to drill a 12.25 inch hole to 340 metres, with preparation underway to drill the next hole section.
ADX Energy will provide updates on the Anshof-3 well drilling operation as they become available.
Along with the Upper Austria wells, ADX also owns the Zistersdorf & Gaiselberg production facility near Vienna as well as oil and gas assets in Romania and Italy.
Shares in ADX Energy ended Monday up 5.88 per cent at 0.9 cents per share, while Xstate Resources ended the day 11.1 per cent in the red at 0.4 cents each.