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An update from ADX Energy ( (AU:ADX) ) is now available.
ADX Energy has provided an operational update on its Hochfeld-1 shallow gas exploration well in the ADX-AT-I licence in Upper Austria, where it is operator with a 50% economic interest. The HOCH-1 well, targeting Miocene Hall formation sandstones known for high initial gas rates, has reached a measured depth of 950 metres and is planned to be drilled to about 1,430 metres before logging.
Recent work has included drilling, casing, cementing and the installation of blowout preventers, with drilling now progressing in a 6 1/8 inch hole section. A successful HOCH-1 well will be cased and suspended for production testing, and with a mean prospective resource estimate of 8 BCF and a high case of 17.3 BCF, the program represents a potentially material addition to ADX’s Austrian gas portfolio if commercial hydrocarbons are confirmed.
More about ADX Energy
ADX Energy Ltd, listed on the ASX, is an oil and gas exploration and production company with a focus on European assets, including onshore licences in Upper Austria. The company targets shallow gas and other hydrocarbon prospects, acting as operator and holding significant economic interests in its exploration licences to build a portfolio of potentially high-productivity gas projects.
YTD Price Performance: 20.0%
Average Trading Volume: 2,661,814
Technical Sentiment Signal: Sell
Current Market Cap: A$26.83M
See more insights into ADX stock on TipRanks’ Stock Analysis page.