ADX Energy (AU:ADX) has released an update.
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ADX Energy Ltd has commenced drilling the Lichtenberg-1 gas exploration well in Upper Austria, with the potential to significantly boost gas production and cash flow within a year if successful. Partner MND Austria will fund the initial EUR 4.5 million for a 50% stake in the project, which could expand with multiple follow-up prospects. The drilling, targeting high productivity sandstone reservoirs, is expected to take 30 days, with additional prospects nearby offering further opportunities for development.
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