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The latest update is out from ADX Energy ( (AU:ADX) ).
ADX Energy has updated its technical interpretation of the Welchau anticline in its ADX-AT-II licence, identifying a dual appraisal opportunity comprising a potential light oil accumulation about 500 metres updip of the Welchau-1 well and gas condensate resources updip of the historic Molln-1 discovery in a shallower and more accessible structural setting than previously expected. The company reports pressure continuity and aquifer communication between Welchau-1 and Molln-1, indicating a large, interconnected petroleum system, with aggregated mean prospective resources estimated at 18 million barrels of oil and 125 billion cubic feet of gas, and plans to test Welchau-1 in the coming weeks before either deepening the well or sidetracking it to target these oil and gas objectives, which it views as strategically significant for its European growth portfolio.
The most recent analyst rating on (AU:ADX) stock is a Hold with a A$0.03 price target. To see the full list of analyst forecasts on ADX Energy stock, see the AU:ADX Stock Forecast page.
More about ADX Energy
ADX Energy Ltd is an Australia-based oil and gas exploration and production company listed on the ASX, focused on discovering and appraising hydrocarbon resources, including gas condensate and light oil, in onshore European licences such as the Welchau anticline area.
Average Trading Volume: 1,909,184
Technical Sentiment Signal: Sell
Current Market Cap: A$23.21M
See more data about ADX stock on TipRanks’ Stock Analysis page.