ADX lifts Austrian oil field stake to boost production and cash flow
ADX Energy has struck a savvy deal to expand its grip on the Anshof oil field in Upper Austria, by upping its economic interest from 50 to 70 per cent without shelling out a single euro in cash.
The Perth-based energy player, through its wholly owned Austrian arm Kathari Energia, has finalised an agreement to acquire Xstate Resources' 20 per cent economic interest in the producing field.
In a textbook example of smart dealmaking, ADX offset the €547,075 (A$962,847) purchase price against unpaid cash calls owed by Xstate, leaving its bank balance untouched.
ADX's move increases the company's stake in the Anshof-3 production well from 50 to 70 per cent and lifts its share of output from the well to 72 barrels of oil per day (BOPD), up from 58 BOPD.
Across its Austrian operations, ADX's daily production now sits at a healthier 307 barrels of oil equivalent (BOEPD).
Xstate farmed into the Anshof-3 discovery in 2021. However, the company has now agreed to exit the project entirely to simplify its portfolio, thereby relinquishing all rights and obligations in exchange for giving up its 20 per cent share of the Anshof oil field.
Czech group MND Austria still holds the remaining 30 per cent interest in the Anshof field, including a 30 per cent cut of the Anshof-3 well and a beefier 40 per cent slice of production from Anshof-2A.
As ADX remains operator of the field, the company's uplift in ownership also includes control over the 3000 barrels-per-day-capable production facility on site. The plant is an automated hub that processes, stores and offloads oil, while using associated gas for power generation.
The Anshof field sits in the ADX-AT-II licence, which is already proving fertile ground for oil production and near-field exploration. The area also includes Anshof-2A, currently producing an average of 39 barrels of oil per day (BOPD), in which ADX retains a 60 per cent stake.
In its latest quarterly, ADX revealed the company had hauled in $2.5 million in sales for the three months to March, increasing its production by 13 per cent to 246 BOEPD. The latest ownership lift is likely to see the cash number rise again.
Turning to exploration, ADX is going all-in on its Upper Austrian grounds, where the company is teeing up a flurry of drill-ready gas targets across its recently extended ADX-AT-I and ADX-AT-II licences - now secured through to 2028.
Six shallow gas plays are locked and loaded for drilling, with another seven nearly good to go. All sit in a sweet spot rich in infrastructure and crisscrossed by gas pipelines.
All the new targets have been pinpointed using cutting-edge, AI-enhanced 3D seismic, giving ADX a modern edge in a region that's already coughed up 220 billion cubic feet of gas from nearby historical discoveries.
ADX has kicked off talks with potential farm-in partners keen to get a slice of the action, and says it expects to lock in funding for a high-impact drilling campaign slated for later this year.
The company is also casting its eye beyond Austria, staking a claim in the Sicily Channel off Italy. The newly acquired licence area is shaping up as a potential gas frontier, with permitting expected in the coming weeks. If approvals land as expected, ADX could soon be unlocking a new gas province rich in high-pressure, gas-charged reservoirs.
As oil markets remain tightly poised and production assets in stable jurisdictions such as Austria gain value, ADX's play at Anshof could prove a masterstroke - not just for today's barrels, but for tomorrow's discoveries.
Is your ASX-listed company doing something interesting? Contact:
matt.birney@wanews.com.au
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Mercury
11 hours ago
- Mercury
Barron Trump may have made millions from family's lucrative crypto firm: report
Don't miss out on the headlines from World. Followed categories will be added to My News. Barron Trump, the youngest son of the 47th President, may have raked in millions of dollars from the sale of crypto tokens linked to the family's lucrative venture into digital tokens, according to a report. The 19-year-old New York University student could have picked up a cool $40 million (AU$61 million) — $25 million (AU$38 million) after taxes — from the sale of digital assets by World Liberty Financial, the Trump family firm launched nine months ago after Barron persuaded his dad about the benefits of crypto, Forbes reported. 'Barron knows so much about this,' commander-in-chief said during an interview in September after the launch. 'Barron's a young guy, but he knows it — he talks about his wallet. He's got four wallets or something, and I'm saying, 'What is a wallet?'' Barron Trump may have raked in millions. Picture: ANGELA WEISS / AFP. World Liberty has been a financial bonanza for the family. In March, World Liberty announced that it had sold $550 million (AU$850 million) worth of tokens. An Office of Government Ethics filing released by President Trump last week declared he had made $57 million (AU$88 million) from token sales. It also said that the real estate mogul held a 75 per cent stake in his umbrella company, DT Marks Defi LLC, with unnamed 'third parties' holding the other 25 per cent. Barron Trump is listed as a 'co-founder' of World Liberty Financial alongside the president, as well as Eric and Donald Trump Jr, the president's two eldest sons. Forbes, which provided no direct evidence for its claims of Barron Trump's massive digital windfall, suggested that he owned a 7.5 per cent stake in the Delaware-based umbrella firm. The stake would mirror what the NYU freshman holds in the Trump Organization's Washington, DC hotel, Forbes said. The 19-year-old New York University student could have picked up a cool US$40 million. Picture: Jim WATSON / AFP. Barron Trump's name does not appear in the company's solitary SEC filing from October 30 last year. Also listed as business partners in the venture are Middle East envoy Steve Witkoff and his son, Zachary. An analysis by Bloomberg, the financial news outlet, estimates the president's net worth has doubled since the start of his 2024 campaign, standing at just over US$5.4 billion This article originally appeared on the New York Post and has been republished with permission Originally published as Barron Trump may have made millions from family's lucrative crypto firm: report
West Australian
a day ago
- West Australian
Geraldton-based FIFO airline Shine Aviation caught up ATSB fuel exhaustion investigation
Workers at Mid West copper and gold mines are being flown on a plane that is currently the subject of a probe by the national transport safety investigator. The Australian Transport Safety Bureau is looking into why one of Shine Aviation's propeller-powered aircraft — registration code VH-PGO — almost had a disastrous landing at Meekatharra Airport on June 5. 'During the approach, the pilot received multiple fuel flow warnings on the number two engine followed by associated engine surging and aircraft yaw,' The ATSB stated. Yaw is the left-to-right movement of a plane's nose. 'The pilot conducted initial actions and secured the engine. The post-flight inspection revealed the engine had lost power due to fuel starvation,' according to the ATSB. 'Engineers replaced an O-ring on the right inboard fuel cap as a precaution.' Flight data shows the 10-seater plane was back in the air about five hours after the incident, but it is unclear if any passengers were on board. The plane has since made multiple trips from Shine's Geraldton base to the Golden Grove and Mt Magnet landing strips. The Golden Grove copper mine is run by 29Metals and Ramelius Resources operates the Mt Magnet gold mine. Ramelius declined to comment, while 29Metals and Shine did not respond to requests for comment. Shine, which is owned by Geraldton local John Gooch, will likely have to wait until the final quarter of this year to find out the results of the ATSB's investigation. Shine's close call is the first mechanical mishap in 2025 involving a small airline running charter flights to mines in WA's outback. This follows a spate of safety incidents last year on planes operated by Perth-based Skippers Aviation. On August 12, an aircraft was flying from IGO's Forrestania nickel operation in the western Goldfields when its brakes failed after touching down at Perth Airport. The runaway plane collided with a hangar resulting in 'minor damage'. Just three days later, a Skippers flight from Perth to Northern Star Resources' Bronzewing gold mine had to turn back not long after take-off and make an emergency landing as smoke engulfed the aircraft's interior. The ATSB found the 'serious' incident was caused by a mechanical failure compounded by a series of flight crew mistakes. Then on October 2, another Skippers plane travelling from Perth to Bronzewing was forced to descend rapidly after suddenly losing cabin pressure. Flight data showed the Dash 8 twin engine turboprop aircraft had to reduce its altitude at a rate of more than 5200 feet per minute, way beyond the typical maximum rate of 2500ft per minute when flying the same plane on the same route. Adding to the string of safety breaches, a Skippers crew member was convicted for vaping during a flight on the Perth to Forrestania route during the year. Skippers trimmed its fleet down from 27 in 2022 to 20 by the latter half of 2024, but a spokesman denied its cost-cutting crusade was jeopardising safety. The airline is owned by the Quinlivan family and led by Stan Quinlivan. Mr Quinlivan's investment portfolio includes the Ocean Beach Hotel and a troop of race horses.
Sydney Morning Herald
a day ago
- Sydney Morning Herald
ASX Runners of the Week: Amplia, archTIS and Vanadium Resources
If you were looking for correlation between the seemingly continuous breakouts of military hostilities between nuclear-armed nations and the market - good luck. The ASX continued at near all-time highs this week, pulling back a fraction by Friday, as conflict between Iran and Israel continued to rise. The oil price surged a further 10 per cent this week as Israel turned its focus from Iran's nuclear facilities to targeting its oil and gas infrastructure. Uranium stocks were the week's main winners. Surprisingly, they were not fuelled directly by global drivers, but rather by investment heavyweight Sprott's physical uranium trust purchase of $200 million worth of uranium oxide, which was announced on Monday. The result for uranium stocks on the index was deafening. Uranium miners Boss Energy, Paladin Energy and Deep Yellow were among the most heavily shorted on the ASX, making up three of the top 10 shorted companies. A sharp increase in uranium caused a two-fold effect of en masse buying and short seller panic to close out positions, with the big three uranium stocks all surging up 20 per cent on the day. In a rare shake-up, no Australian-based resource companies feature on this week's Bulls N' Bears' ASX Runners list. Instead, the chocolates went to a groundbreaking Aussie biotech story, which could be on to the makings of one of the biggest breakthroughs in oncology treatment in years. Up 339% (5.7c – 25c) This week's Bulls N' Bears ASX Runner of the Week is biotech trailblazer Amplia Therapeutics, which sent the market into an absolute tailspin thanks to a jaw-dropping set of results from a clinical trial for incredibly nasty pancreatic cancer.
