ADX bags $2.6M in quarterly sales as Austrian oil-gas output lifts 23%
The company has also flicked the switch on a gas-fuelled exploration blitz by launching plans for a multi-well, shallow drilling program in Upper Austria that could open the cash flow gates.
The ASX-listed explorer says total output lifted to 303 barrels of oil equivalent per day (BOEPD) for the past three months, up substantially from 246BOEPD in the March quarter.
Despite oil prices sliding 10 per cent for the period, the company was still able to eke out a 4 per cent improvement in revenue to €1.56 million (A$2.76 million).
Much of the production growth came from the company's Vienna Basin operations, which averaged 238BOEPD, up from 190BOEPD. The improved performance came after a five-well workover program lifted oil and gas production by 25 per cent and 47 per cent, respectively. The program to repair subsurface equipment and clean up holes was completed in March.
ADX also used the quarter to supercharge its gas credentials by hooking up a new carbon dioxide removal unit at its Vienna Basin operations, allowing it to meet strict CO₂ specs for grid operator Netz NÖ without relying on third-party blending.
The company says the move has boosted its commercial independence and could pave the way for even greater gas production down the track.
In the company's Upper Austrian leases, the Anshof-3 and Anshof-2A wells continued to perform, contributing 66 barrels of oil a day during the quarter compared to 56 barrels in the previous quarter.
Notably, the revenue line at the Anshof fields has benefited more from ADX's increased stake in the leases after ex-partner Xstate Resources relinquished its 20 per cent stake in exchange for forgiveness of €547,075 (A$971,000) in unpaid cash calls.
The move gave ADX 70 per cent of the broader production area and helped solidify its control of the nearby 3000-barrel-per-day capacity permanent production facility.
Directly north of the Anshof field, ADX has been busy locking up land covering two new prospects – dubbed Lind and SGB – seen as excellent appraisal and exploration opportunities. The company says that if these prospects eventually deliver the goods, production could be easily tied back into the processing plant at minimal cost.
At the same time, ADX has matured three new drill-ready shallow gas prospects in its ADX-AT-II licence area, including the GOLD prospect, which is on track to spud in late 2025 or early 2026.
The company says the GOLD, GRAB and ZAUN prospects offer combined mean prospective resources of 13 billion cubic feet (Bcf) and are near key gas infrastructure, boosting their development economics.
The trio of prospects form the first cluster of a broader campaign across seven shallow gas targets estimated to hold a total mean prospective resource of 29Bcf. A farmout process is already under way to support a multi-well drilling program.
Meanwhile, the company is gearing up to resume testing at its Welchau-1 oil discovery, pending court resolution of environmental objections. Ongoing work during the quarter defined two new follow-up leads – the deeper Welchau target and the Rossberg prospect to the north.
ADX is also preparing to firm up its new offshore Sicily Channel gas acreage. The final anti-corruption compliance hurdle has been cleared and the permit is now expected to be formally granted in the third quarter.
Results from historic wells and earlier seismic surveys from the Italian leases have pointed to the potential for sweet gas reservoirs and new data acquisition is being planned.
In addition to ramping up near-term production growth, ADX is also eyeing a transition to renewables. It has matured a solar project in the Vienna Basin with 5.4 megawatts capacity and is assessing hydrogen storage options in depleted fields.
With growing production, drill-ready gas targets and new acreage in play, ADX is well placed to tap rising European demand for clean, local energy sources.
Is your ASX-listed company doing something interesting? Contact:
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But given the ravenous appetite for gold, even much lower grade deposits will attract interest at the Diggers conference. Forum chair Jim Walker says the mood in the industry is upbeat. "Gold's still going very, very well, lithium is coming back up again," he told AAP. "So it's going to be a very positive conference from that point of view." Lithium miners have been buoyed after a recovery in spodumene prices, after a global rout carved more than 90 per cent off the price of the mineral. Prices have climbed 50 per cent since they bottomed out in June, with the stronger-than-expected uptake of electric vehicles now driving speculation lithium production will fall short of soaring demand. But share prices for former market darlings IGO, Pilbara Minerals and Liontown Resources still languish well below the heights of two years ago. While gold presenters now outweigh lithium at the conference, battery minerals producers will still make their presence felt. Now in its 34th year, the forum is just as important to the Kalgoorlie economy as it is for micro-cap explorers looking to get their first project up. More than 3000 people will flock to the town, swelling its population more than 10 per cent. At Wednesday's gala night more than 1300 attendees will be catered for and a plane-load of staff flown in to serve them, given the limited staff and facilities in Kalgoorlie. Marquees will be erected to house 154 exhibitors, while 65 presenters will hold court over three days. It's no challenge for forum director Suzanne Christie, who has been organising the tricky logistics of the event from day one, Mr Walker said. Goldminers have long hogged the limelight at the Diggers and Dealers mining forum. The annual conference in the remote mining town of Kalgoorlie, in the Western Australian Goldfields region, is the glittering highlight of the resources industry's events calendar. Up-and-coming miners prize their shot to flaunt their wares to investors, while the majors covet the chance to snag an award at the glitzy gala dinner. In recent years, goldminers have been supplanted at the top of the roster by the battery minerals crowd, buoyed by the burgeoning demand for ores like lithium and nickel essential to the manufacturing of electric vehicles. But a record run has sent the price of bullion soaring and investors flocking back to the precious metal. Amid an upswing in mergers and acquisitions activity among goldminers, the largest has been Northern Star's $5 billion takeover of De Grey Mining. Northern Star's Super Pit dominates the Kalgoorlie landscape. The ASX giant's largest asset is a popular tourist destination, with thousands of visitors drawn to the pit's public lookout each year to watch colossal mining trucks wind their way up the serpentine access track or see scheduled blasts shake the sheer rock walls below. But the De Grey deal handed Northern Star a project that could dwarf the 130-year-old deposit, which has been plagued by productivity and cost headwinds in the past year. The newly-acquired Hemi deposit, in the iron-ore dominated Pilbara region, contains an estimated 11 million ounces of gold. That would fetch more than $55 billion at current prices. The project, which is still seeking regulatory approval, has a slightly lower grade than the Super Pit at 1.3 grams per tonne. But given the ravenous appetite for gold, even much lower grade deposits will attract interest at the Diggers conference. Forum chair Jim Walker says the mood in the industry is upbeat. "Gold's still going very, very well, lithium is coming back up again," he told AAP. "So it's going to be a very positive conference from that point of view." Lithium miners have been buoyed after a recovery in spodumene prices, after a global rout carved more than 90 per cent off the price of the mineral. Prices have climbed 50 per cent since they bottomed out in June, with the stronger-than-expected uptake of electric vehicles now driving speculation lithium production will fall short of soaring demand. But share prices for former market darlings IGO, Pilbara Minerals and Liontown Resources still languish well below the heights of two years ago. While gold presenters now outweigh lithium at the conference, battery minerals producers will still make their presence felt. Now in its 34th year, the forum is just as important to the Kalgoorlie economy as it is for micro-cap explorers looking to get their first project up. More than 3000 people will flock to the town, swelling its population more than 10 per cent. At Wednesday's gala night more than 1300 attendees will be catered for and a plane-load of staff flown in to serve them, given the limited staff and facilities in Kalgoorlie. Marquees will be erected to house 154 exhibitors, while 65 presenters will hold court over three days. It's no challenge for forum director Suzanne Christie, who has been organising the tricky logistics of the event from day one, Mr Walker said.
