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An announcement from ADX Energy ( (AU:ADX) ) is now available.
ADX Energy has reported that its Hochfeld-1 shallow gas exploration well in Upper Austria has intersected biogenic, methane-rich gas-filled sands in the Hall formation at around 1,350 metres, closely matching pre-drill 3D seismic predictions. The well, operated by ADX with a 50% economic interest, is being deepened to at least 1,550 metres to fully penetrate gas-bearing sandstones, and the Hoch prospect carries a mean prospective resource estimate of 8 BCF.
Wireline logging is scheduled to confirm reservoir quality, thickness and gas saturation, after which the well may be cased and completed for production testing to determine deliverability and reserves potential. Management says the early success at HOCH-1 validates its shallow gas play and enhances confidence in additional permitted GOLD and SCHOEN prospects planned for drilling in 2026, potentially strengthening ADX’s regional gas position if testing confirms commercial productivity.
More about ADX Energy
ADX Energy Ltd is an Australian-listed oil and gas explorer and producer with a focus on onshore projects in Upper Austria. The company targets shallow gas reservoirs, particularly within Miocene-aged Hall formation sandstones, aiming to develop local gas resources through a portfolio of matured prospects.
Average Trading Volume: 2,659,564
Technical Sentiment Signal: Sell
Current Market Cap: A$25.94M
For a thorough assessment of ADX stock, go to TipRanks’ Stock Analysis page.