ADX pockets $2.5M from three months of Austrian oil production
The company is also broadening its focus having recently acquired the prospective Sicily Channel in Italy looking to break into a new frontier.
With drills ready to spin on its 'low-risk' Austrian gas prospects and a cash pile of $6.7 million, ADX believes it is charging toward a breakout year in exploration for Europe's energy-hungry gas markets.
The company's recent Sicilian ambitions are expected to be permitted as soon as next month with the potential to tap into untested shallow, gas-rich reservoirs.
On the exploration front, ADX says it is doubling down in Upper Austria. The company's ADX-AT-I and ADX-AT-II licenses, renewed until 2028, now include three drill-ready shallow gas prospects and up to seven more, identified using recent AI-enhanced 3D seismic.
The low-cost, high-productivity targets — proven by historical wells — are just kilometres from infrastructure, offering the potential of quick commercialisation should the pending program prove successful.
The company says it is currently in negotiations hoping to attract funding partners for drilling later this year, aiming to turn gas into greenbacks in quick time.
The Welchau-1 gas discovery, a potential 807 BCF behemoth, hit a regulatory snag in the quarter with testing suspended pending an Upper Austrian court ruling based on environmental objections. ADX remains undeterred, planning to resume flow tests once cleared exploring deeper Jurassic oil and gas plays and reprocessed 3D seismic.
Meanwhile, at the company's 346 km² Sicily permit, shallow reservoirs just 700m – 1300m in depth are waiting to be tested with historically proven gas, high productivity and proximity to producing fields.
ADX plans to conduct additional 2D seismic studies and commission an independent resource assessment at the prospect, that under flexible permitting and national fiscal terms, could deliver cleaner gas to Europe's doorstep with the government's greenlight.
Financially, ADX is sitting pretty with $6.7 million in cash and a new five-year crude sales agreement with OMV Downstream, covering two-thirds of its Austrian output at Brent-linked oil prices.
The company says it is also fast-tracking permits for further Anshof oil appraisals and shallow gas wells, aiming for yet more near-term cashflow.
Hopeful that Welchau-1 testing could resume soon, pending court approval, management insists the partnership talks are heating up, critical for funding the planned drilling blitz without exhausting the company's cash reserves.
With Europe's gas prices soaring and import reliance sky-high, ADX remains poised to deliver on its exploration potential. Vienna Basin flow remains steady while Sicily's offshore licence promises plenty of upside, as the company hatches plans for a busy remainder to 2025 with money flowing into its coffers on the back of solid oil production sales.
Is your ASX-listed company doing something interesting? Contact:
matt.birney@wanews.com.au
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