ADX is pushing its European oil and gas agenda with big moves ahead
Gas play benefits from existing infrastructure and is expected to significant productivity
Plans also in the works to resume Welchau testing and explore the Sicily Channel gas project
Europe remains hungry for energy and with demand likely to climb further as data centres become more common, finding new sources of fuel – particularly gas – to supply generation is extremely important.
Couple that with the desire to achieve as much energy security as possible and it is clear why companies such as ADX Energy (ASX:ADX) are focusing their efforts on finding and developing new sources of gas – and to a lesser extent oil – in Europe.
The company has flagged several strategic priorities that will enable it to meet this objective.
This include maximising its oil production at the Vienna Basin and Anshof oilfields in Austria, carrying out low-risk, low-cost gas exploration in Upper Austria, and finally pursuing high impact growth at its Welchau and Sicily Channel projects.
Initial steps
Speaking to Stockhead, executive chairman Ian Tchacos said the company had continued to do workovers at its Vienna Basin wells.
'We're also analysing a couple of well bores there that are probably not being optimally utilised and the possibility of drilling sidetrack wells and maybe an infill well.
'There's a possibility of getting our production rate up from around 200 barrels a day maybe to over 300 barrels.'
He also flagged the potential of working with its neighbour OMV – a major Austrian petrochemical company – as some of their assets are not fully developed.
Tchacos adds that while its Vienna Basin assets probably have another seven years of life left, they have virtually no royalty attached to them, meaning that anything that increases production will enhance profitability.
ADX will also seek to drill at least one Anshof appraisal well with Tchacos saying that some targets could be reached with deviated wells from the existing facility while others could be vertical wells that will be tied back.
Concurrently, the company will seek to commence drilling of its extensive gas portfolio to increase its exposure to Europe's well-priced gas market.
'We have been able to generate a prospect inventory of shallow gas prospects that have got a very high probability of success because they've already been successful nearby in the basin,' Tchacos said.
'We've been able to basically understand how the gas is distributed across the basin using a combination of AI and improved seismic processing and identified about 10-12 prospects.'
He added the gas play is close to existing infrastructure and features targets that are shallow and cheap to drill, making them potentially highly profitable.
'Historically, these things were drilled 10-15 years ago looking for deeper oil because they didn't have the 3D seismic that has now been enhanced and processed to the state that it is nowadays.
'More recently, there were a couple of these that were actually outside our acreage that we were trying to get access to drill were drilled by their operator RAG and they came in as we expected.'
Having worked on these targets for almost two years, ADX varied its exploration licence to take in more of the targets with plans to kick off operations by drilling up to three wells.
'We will try to drill them as a cluster so we can install a facility and a pipeline but the good thing is that they're also very close to open access infrastructure so that's going to be that's important just in terms of being able to get these things under production,' Tchacos said.
'They're pretty much 100% methane so they don't require a lot of processing and they're typically pretty good productivity with the sands expected to produce 5-10 million standard cubic feet of gas per day.'
High impact growth
ADX is also hoping to continue testing at Welchau-1 in the near-term with Tchacos saying that a judgement relating to a challenge to existing environmental clearances is expected soon.
He also flagged that quite a bit of work had gone into studying Welchau Deep, which is essentially a new play, as well as other follow-up structures.
Obviously we've been doing quite a bit of work on it and it is essentially a new play and there's a lot of follow-up potential within Welchau as well as follow-up structures.
The final piece of the puzzle is the company's Sicily Channel exploration licence.
'We were informed by the ministry that we were offered the permit but there's a formal process for the award that we expect will conclude by the middle of May,' Tchacos said.
'We like that acreage a lot and we have identified a number of prospects.
'Again, what's interesting about this is the area was heavily explored for oil, there was an oil discovery in the area and the oil is deeper.
'There's very good quality 2D seismic across this because of ENI and Shell actually held this acreage through around 2014.'
'On that dataset we can see some nice prospects but also what we've been able to see from going through old well reports is that there was also gas across a lot of these intervals while they were drilling the wells.'
He added that while these gas intervals were not tested, they gave the company plenty of confidence that the amplitudes seen on seismic were likely to be gas.
'This acreage has been further enhanced by the new Cassiopea field within 100km of us that's being developed by a consortium of ENI and Energean.
'Those fields are in a very similar geological setting to where we're at. There's not a big reserve. It's probably around 300 or 400Bcf (billion cubic feet). We see at least that sort of potential in our block, so it would also make it sort of a very nice sort of tie-in opportunity.'
Road ahead
ADX is looking to mature the first three or four of its shallow gas locations by the end of May and start permitting in order to enable drilled by the end of 2025.
'The gas in terms of production rate and cash flow can be very exciting and very lucrative,' Tchacos added.
'We've got a bit of interest from potential farminees to come in and drill some of these things with us.
'The nice thing about that is because they're relatively shallow and quick to drill – the sort of things that we can start with drilling two or three wells and then go on to drilling further wells because we've identified quite a few of these things.
'If we can put it together in two or three drilling campaigns then we can also lower costs.'
He added that the oil appraisal at Anshof could follow a similar timeline.
In regards to the Sicily Channel project, he said that once the block is formally awarded, the company will buy more available seismic and then come up with an independent resource assessment as its ultimate goal would be to secure a partner and drill a well by the end of 2026.
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Limited 3.72 24% 20% 108% 164% 143% $ 1,539,826,697.36 CMM Capricorn Metals 8.98 -4% -14% 19% 64% 43% $ 3,996,970,576.74 VRL Verity Resources 0.025 0% 9% 35% -36% 28% $ 6,985,586.70 HAW Hawthorn Resources 0.054 0% -4% 29% -24% 32% $ 18,090,843.10 BGD Bartongoldholdings 0.68 -3% -15% 157% 172% 178% $ 161,740,826.64 SVY Stavely Minerals Ltd 0.017 -11% 55% -6% -39% 0% $ 9,248,715.58 AGC AGC Ltd 0.17 10% 10% 31% -41% 10% $ 41,055,555.52 RGL Riversgold 0.004 -20% 0% 33% -27% 0% $ 6,734,850.37 TSO Tesoro Gold Ltd 0.029 0% 23% 26% -3% 45% $ 62,455,210.42 GUE Global Uranium 0.073 7% 20% -5% 6% 22% $ 32,287,581.78 CPM Coopermetalslimited 0.048 -4% 37% 4% -26% 4% $ 3,761,071.20 MM8 Medallion Metals. 0.27 13% 8% 125% 350% 125% $ 165,175,201.35 FFM Firefly Metals Ltd 1.15 2% 13% 28% 37% 24% $ 748,241,200.93 CBY Canterbury Resources 0.025 0% -17% 14% -48% 14% $ 4,563,699.71 SLA Solara Minerals 0.245 23% 40% 0% -22% 172% $ 13,046,585.18 SFR Sandfire Resources 11.06 2% -1% 11% 31% 19% $ 5,159,967,706.40 TAM Tanami Gold NL 0.059 2% 7% 111% 97% 97% $ 69,330,725.71 NWM Norwest Minerals 0.014 -7% 27% 9% -42% 17% $ 14,525,378.43 ALK Alkane Resources Ltd 0.71 9% -5% 33% 35% 39% $ 423,879,324.40 BMO Bastion Minerals 0.001 -33% -50% -75% -79% -68% $ 3,162,696.47 IDA Indiana Resources 0.088 -1% 14% 38% 90% 44% $ 56,560,456.30 GSM Golden State Mining 0.009 13% 29% 13% -25% 13% $ 2,514,335.67 NSM Northstaw 0.036 0% 9% 82% 123% 128% $ 11,328,677.61 GSN Great Southern 0.027 4% 8% 50% 59% 80% $ 25,916,911.54 VAU Vault Minerals Ltd 0.395 0% -1% 8% -5% 20% $ 2,755,001,719.71 THR Thor Energy PLC 0.008 -20% -20% -30% -53% -38% $ 6,397,108.52 CDR Codrus Minerals Ltd 0.03 7% -14% 76% 0% 76% $ 6,202,031.37 MDI Middle Island Res 0.02 0% -9% 54% 18% 67% $ 5,864,679.42 WTM Waratah Minerals Ltd 0.275 -5% 0% 83% -20% 77% $ 66,550,995.81 POL Polymetals Resources 0.78 7% -3% -11% 184% -2% $ 214,250,941.60 RDS Redstone Resources 0.004 0% 33% 33% -11% 60% $ 4,137,069.42 NAG Nagambie Resources 0.016 0% 7% 0% 100% -11% $ 12,852,837.50 BGL Bellevue Gold Ltd 0.855 -7% -3% -24% -53% -24% $ 1,321,311,865.77 GBR Greatbould Resources 0.062 0% 0% 29% 24% 44% $ 57,992,501.10 KAI Kairos Minerals Ltd 0.0255 6% -12% 89% 219% 113% $ 65,772,804.73 KAU Kaiser Reef 0.18 0% 3% 9% 4% 13% $ 109,806,037.75 HRZ Horizon 0.048 0% -2% 4% 30% 20% $ 144,443,308.00 CDT Castle Minerals 0.077 -3% 3% 28% -36% 28% $ 9,280,765.60 RSG Resolute Mining 0.635 -2% 2% 57% -2% 61% $ 1,405,599,368.58 EVN Evolution Mining Ltd 7.3 -2% -5% 31% 78% 52% $ 15,097,934,010.64 CXU Cauldron Energy Ltd 0.01 0% 25% -18% -58% -14% $ 17,911,610.07 DLI Delta Lithium 0.165 10% -3% -3% -25% -3% $ 121,812,104.64 ALY Alchemy Resource Ltd 0.005 -9% -9% -29% -38% -29% $ 5,890,381.28 NH3 Nh3Cleanenergyltd 0.053 -20% 66% 194% 308% 194% $ 34,366,798.69 OBM Ora Banda Mining Ltd 0.69 8% -21% -9% 60% 6% $ 1,318,672,891.90 AVW Avira Resources Ltd 0.007 0% 0% -65% -65% -65% $ 1,610,000.00 LCY Legacy Iron Ore 0.009 0% 0% 0% -48% -10% $ 87,858,383.26 PDI Predictive Disc Ltd 0.45 2% 18% 67% 137% 96% $ 1,179,899,633.70 MAT Matsa Resources 0.078 8% 20% 95% 212% 123% $ 56,950,659.51 ZAG Zuleika Gold Ltd 0.02 25% 33% 67% 18% 54% $ 13,353,838.69 GML Gateway Mining 0.027 2% 0% 23% 13% 29% $ 10,220,507.38 SBM St Barbara Limited 0.3 7% 3% 20% 33% 33% $ 330,268,134.01 SBR Sabre Resources 0.01 11% 25% 25% -29% 0% $ 3,550,157.40 STK Strickland Metals 0.16 10% 7% 105% 65% 88% $ 384,601,165.49 CEL Challenger Gold Ltd 0.09 10% 8% 80% 80% 91% $ 188,075,086.20 GG8 Gorilla Gold Mines 0.395 10% -8% 72% 301% 52% $ 245,565,912.68 NST Northern Star 15.81 -3% -20% -8% 10% 2% $ 23,242,485,705.73 OZM Ozaurum Resources 0.07 -15% 13% 133% 37% 133% $ 16,037,131.11 TG1 Techgen Metals Ltd 0.022 0% -4% -35% -29% -37% $ 3,649,311.33 XAM Xanadu Mines Ltd 0.08 1% 1% 70% 36% 63% $ 181,005,683.93 AQI Alicanto Min Ltd 0.03 3% 3% -30% 36% -19% $ 25,444,289.28 KTA Krakatoa Resources 0.013 0% 8% 30% 18% 37% $ 10,076,742.33 ARN Aldoro Resources 0.33 -12% 6% 22% 284% -13% $ 64,182,702.15 WGX Westgold Resources. 2.64 -4% -10% 1% -3% -7% $ 2,575,861,363.53 MBK Metal Bank Ltd 0.011 -8% 0% -27% -41% -27% $ 4,974,589.98 A8G Australasian Metals 0.062 -7% -6% -17% -26% -22% $ 3,589,162.95 TAR Taruga Minerals 0.008 0% 0% -20% -11% -20% $ 5,710,032.46 DTR Dateline Resources 0.135 8% 82% 4400% 2150% 3757% $ 442,257,919.04 GOR Gold Road Res Ltd 3.15 -2% -5% 28% 74% 54% $ 3,454,749,010.80 S2R S2 Resources 0.067 -13% -1% -13% -48% 0% $ 33,496,064.49 NES Nelson Resources. 0.004 33% 33% 33% 33% 33% $ 6,515,782.98 TLM Talisman Mining 0.15 9% 15% -27% -45% -27% $ 27,306,450.61 BEZ Besragoldinc 0.048 -4% 2% -35% -8% -47% $ 19,943,854.32 PRU Perseus Mining Ltd 3.56 0% 2% 28% 32% 39% $ 4,942,010,454.55 SPQ Superior Resources 0.005 0% 25% -17% -50% -17% $ 11,854,913.63 PUR Pursuit Minerals 0.068 3% 84% -17% -55% -29% $ 6,732,042.50 RMS Ramelius Resources 2.72 11% 6% 17% 36% 31% $ 3,245,567,236.80 PKO Peako Limited 0.0025 -17% 25% -17% -38% -17% $ 3,719,354.90 RKB Rokeby Resources Ltd 0.014 -13% 100% 115% 180% 180% $ 22,888,055.96 A1G African Gold Ltd. 0.215 5% 30% 172% 760% 291% $ 115,913,153.84 NMG New Murchison Gold 0.017 0% -6% 70% 183% 89% $ 175,464,451.81 GNM Great Northern 0.02 18% 54% 33% 82% 43% $ 3,092,581.54 KRM Kingsrose Mining Ltd 0.039 8% 30% 15% -20% 11% $ 30,141,060.76 BTR Brightstar Resources 0.48 -13% 1% -9% 20% -4% $ 229,200,073.92 RRL Regis Resources 4.21 -5% -9% 40% 120% 65% $ 3,295,303,277.44 M24 Mamba Exploration 0.015 15% 7% -12% 25% 25% $ 4,722,649.76 TRM Truscott Mining Corp 0.052 6% 6% -37% -13% -33% $ 10,175,805.12 TNC True North Copper 0.36 -8% 3% -12% -93% -88% $ 49,042,373.38 MOM Moab Minerals Ltd 0.0015 50% 50% -25% -70% -25% $ 2,811,999.05 KNB Koonenberrygold 0.05 4% 67% 138% 213% 317% $ 54,328,777.15 AWJ Auric Mining 0.175 -3% 3% -44% -20% -49% $ 33,476,598.36 ENR Encounter Resources 0.28 -2% 19% 4% -56% -14% $ 137,167,887.73 SNG Siren Gold 0.053 4% 10% -4% -24% -18% $ 11,824,412.89 STN Saturn Metals 0.415 1% 19% 77% 118% 102% $ 197,653,895.46 USL Unico Silver Limited 0.455 3% 72% 133% 160% 133% $ 194,884,970.98 PNM Pacific Nickel Mines 0.024 0% 0% 0% 0% 0% $ 10,103,834.52 AYM Australia United Min 0.002 0% -33% 0% -33% -50% $ 3,685,154.97 HAV Havilah Resources 0.19 9% 9% -10% -7% -16% $ 64,458,696.24 SPR Spartan Resources 2.13 10% 5% 47% 63% 51% $ 2,847,436,934.76 PNT Panthermetalsltd 0.0095 -14% -37% 6% -62% -14% $ 2,858,593.21 MEK Meeka Metals Limited 0.14 4% -3% 27% 250% 82% $ 437,355,775.50 GMD Genesis Minerals 3.92 -1% -13% 28% 81% 59% $ 4,623,941,553.13 PGO Pacgold 0.064 2% -2% -16% -53% -15% $ 10,496,923.90 FEG Far East Gold 0.165 -11% 3% -6% -8% -8% $ 62,394,667.01 MI6 Minerals260Limited 0.11 -4% -4% -15% -31% -15% $ 227,406,666.63 IGO IGO Limited 5.36 11% 33% 2% -3% 12% $ 4,058,955,477.68 GAL Galileo Mining Ltd 0.165 3% 57% 6% -6% 32% $ 30,631,863.69 RXL Rox Resources 0.315 7% 15% 37% 142% 58% $ 238,911,961.28 PTN Patronus Resources 0.065 -3% -4% 14% 14% 33% $ 111,343,050.67 CLZ Classic Min Ltd 0.001 0% 0% 0% 0% 0% $ 3,017,699.21 TGM Theta Gold Mines Ltd 0.185 3% 32% 16% 42% 3% $ 167,649,324.30 FAL Falconmetalsltd 0.48 -5% 300% 256% 43% 317% $ 83,378,940.00 SPD Southernpalladium 0.645 10% 17% 29% 70% 8% $ 71,656,500.00 ORN Orion Minerals Ltd 0.01 0% 0% -29% -44% -33% $ 72,816,360.69 TMB Tambourahmetals 0.024 14% 4% -4% -46% 14% $ 4,302,377.14 TMS Tennant Minerals Ltd 0.006 -14% 0% -48% -70% -33% $ 7,461,232.91 AZY Antipa Minerals Ltd 0.565 2% -20% 71% 414% 117% $ 375,379,026.44 PXX Polarx Limited 0.01 18% 43% 11% -23% 54% $ 21,379,508.80 TRE Toubani Res Ltd 0.32 -4% 10% 137% 56% 88% $ 84,910,634.49 AUN Aurumin 0.105 6% 5% 64% 169% 59% $ 52,107,315.12 GPR Geopacific Resources 0.028 4% 27% 27% 31% 40% $ 89,109,029.13 FXG Felix Gold Limited 0.175 3% 30% 40% 265% 108% $ 74,610,077.87 ILT Iltani Resources Lim 0.23 21% 5% 5% 10% 12% $ 15,166,384.46 BRX Belararoxlimited 0.08 33% 33% -54% -67% -54% $ 12,959,918.16 TM1 Terra Metals Limited 0.066 10% 40% 128% 12% 136% $ 31,063,302.79 TOR Torque Met 0.23 15% 70% 297% 77% 334% $ 134,277,172.49 ARD Argent Minerals 0.023 5% 10% 28% 35% 35% $ 33,261,231.04 LM1 Leeuwin Metals Ltd 0.14 0% 8% 17% 71% 0% $ 14,112,893.76 SX2 Southgold Consol 5.7 -5% -26% 54% 0% 0% $ 829,044,349.56 UVA Uvrelimited 0.135 4% 57% 59% 35% 52% $ 24,076,000.13 VTX Vertexmin 0.21 -9% -19% -33% 169% 1% $ 44,379,912.94 Peregrine Gold (ASX:PGD) was among the top movers in the junior gold space, though the Mark Creasy-backed owner of the Newman gold project was largely running on the discovery of a high grade channel iron deposit on its ground. The project sits just 2km from BHP's Western Ridge and 13km from its Mt Whaleback deposit. First Au (ASX:FAU) lifted after starting a 3000m diamond drill program following mapping at its Nimba gold project in Liberia.
