ADX Energy (AU:ADX) has released an update.
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ADX Energy reported a productive quarter with net production in Austria averaging 217 BOEPD, generating A$2.3 million in sales revenue. Notably, the Anshof-2A oil well revealed a promising oil column, and plans are underway to test the Welchau-1 discovery, which may hold high API light oil and associated gas. With A$16.1 million in cash reserves, ADX Energy aims to enhance its oil and gas resource base in Austria.
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