- ADX Energy (ADX) confirms 5.2 million barrels of proven and probable (2P) gross reserves within the ADX-AT-II licence, Upper Austria
- The estimated net present value for the 2P gross reserves is €42.3 million (A$67 million)
- With the new estimate, ADX’s total reserves position increases by 239 per cent to 5.9 million BOE which includes its 100 per cent owned fields in the Vienna Basin
- Executive Chairman Ian Tchacos says it is the company’s goal to to significantly increase production and further appraise the reserves from the field
- Shares in ADX Energy end the day 14.3 per cent in the green to close at 0.8 cents
ADX Energy (ADX) says an independent resources assessment by RISC Advisory has confirmed 5.2 million barrels of proven and probable (2P) gross reserves within the ADX-AT-II licence, Upper Austria.
The company held an 80 per cent participating interest in the Anshof field and a 100 per cent interest in the remainder of the ADX-AT-II licence.
RISC’s report includes production forecasts, cost estimates, project economics and resulting valuations of reserves by category for the Eocene oil reservoirs at the Anshof field.
The result of the RISC for 2P reserves gross reserves was estimated at 5.2 million barrels of oil equivalent (BOE) as of October 1.
The estimated net present value of the 2P gross reserves is €42.3 million (A$67 million), calculated at RISC’s oil price forecast of an average of US$71 (A$110), representing an eight per cent discount.
With the new estimate, ADX’s total reserves position increases by 239 per cent to 5.9 million BOE including producing 100 per cent owned Geiselberg and Zistersdorf fields in the Vienna Basin.
“The RISC CPR confirms the materiality and value of the Anshof field which is in line with the ADX predrill estimates,” Executive Chairman Ian Tchacos said.
“ADX is pursuing the development of the Anshof field with the ordering of long lead items for the drilling of the Anshof-1 and Anshof-2 wells from the same well site as the recently producing Anshof-3 well.
“Our goal is to significantly increase production and further appraise the reserves from the field.”
The downdip Anshof-2 well is planned to be drilled in late 2023 with plans to install an oil export pipeline at the field in 2024.
Production from both the Anshof-2 and Anshof-3 wells will continue through an early production system until the pipeline is constructed.
Further wells will be drilled as required to fully develop the field in 2024 and beyond.
Shares in ADX Energy ended the day 14.3 per cent in the green to close at 0.8 cents.