ADX Energy (AU:ADX) has released an update.
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ADX Energy Ltd has started flow testing its Welchau-1 discovery well in Upper Austria, revealing a mix of drilling mud, formation water, gas, and traces of oil with a flow rate of 240 to 290 barrels per day. The company holds a 75% economic interest in the project and is investigating the flow behavior and hydrocarbon potential of the complex Steinalm Formation. While initial results are disappointing with fewer hydrocarbons than expected, further analysis is underway to understand the productive fracture system and plan future testing.
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