ADX Energy lifts Austrian output, launches shallow gas push and readies Oslo listing

The latest update is out from ADX Energy ( (AU:ADX) ).

ADX Energy reported higher quarterly production and revenue from its Austrian operations, supported by well workovers in the Vienna Basin and rising Brent prices, leaving the company with A$4.9 million in unrestricted cash. The company also completed an oversubscribed A$4.4 million equity placement, refinanced loan notes and advanced plans for a dual listing on Oslo Børs’ Euronext Growth market.

Operationally, ADX resumed workovers to boost Vienna Basin output, tested the Welchau-1 well which confirmed an updip light oil accumulation, and updated prospective resources for the Welchau oil and gas system. The company also initiated its shallow gas program with the HOCH-1 well in Upper Austria, matured additional shallow gas and near-field oil prospects, and progressed seismic data work and an independent review for its Sicily Channel permit.

Management highlighted that success at HOCH-1 could quickly add material gas production in a tight European gas market and trigger follow-up drilling at the already permitted GOLD and SCHOE prospects. With stronger commodity prices and growing development inventory, ADX is focusing on maximising production from existing assets, commercialising undeveloped reserves and securing farm-in partners to support its near-term growth strategy.

More about ADX Energy

ADX Energy Ltd is an Australia-based oil and gas company focused on exploration, appraisal and production in Europe and the Mediterranean. Its core assets are in Austria’s Vienna Basin and Upper Austria, where it operates mature oil fields and shallow gas prospects, and in the Sicily Channel offshore Italy, where it is advancing large-scale prospective gas resources.

Average Trading Volume: 2,645,139

Technical Sentiment Signal: Sell

Current Market Cap: A$26.83M

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