ADX lines up multiple shallow gas targets in Austria
ADX Energy has prepped 6 shallow gas plays for drilling and has another 7 almost ready to be drilled in a region of Austria that is remarkably well endowed with infrastructure including nearby gas pipelines.
The prospects in Upper Austria, were identified and developed across a two year period using AI and seismic data analysis conducted by international experts and the company's own local team.
After identifying multiple low risk, shallow targets deemed to be an extension of proven, producing gas plays, management set out to have variations applied to its license area.
The plan is to exploit the range of potentially highly profitable shallow prospects, referred to as its 'Shallow Gas Play' sitting near the pipeline infrastructure, into its ADX-AT-I and ADX-AT-II exploration licence areas. Variations include the relinquishment of certain areas and the addition of new contiguous areas, resulting in the company's total area under licence remaining about the same, at 1022 square kilometres.
Nearby historical discoveries in the area have produced 220 billion cubic feet (bcf) of gas to date through a regionally extensive pipeline network.
ADX believes the variations to its licence acreage have upgraded its prospective portfolio at no additional cost.
It plans to drill four shallow prospects on its 100 per cent equity acreage, with a further seven gas prospects being matured towards development. Another two drill ready prospects are 50 per cent owned by ADX.
The company says permitting is underway to drill the first cluster of three prospects by the end of this year.
To identify prospects that compare favourably with historic discoveries, advanced seismic analysis was deployed using a combination of AI, seismic attribute and amplitude variation with offset (AVO) analysis.
AVO is a seismic processing technique used to analyse the amplitude of seismic reflections and how they change with the distance between the shot point and the receiver. AVO analysis can help identify gas-filled reservoirs, distinguish between different rock types and assist in identifying the presence of fluids, such as water, oil or gas in the subsurface.
It company says multiple low cost wells can be drilled in clusters, which will maximise production and minimise development costs utilising shared surface facilities.
ADX has started discussions with potential farm-in partners to participate in its 100 per cent equity held acreage, with the aim to secure funding for the drill program planned for later this year. It will look to use the same partnership structure successfully employed with MND and MCF Energy, to attract financial investors or energy companies to become farm-in partners.
Management has commenced well planning for the upcoming drilling and permitting works.
The 'Shallow Gas Play' was first announced to the market in June 2023 and has been developed over two years using local knowledge combined with the geological interpretation of an international team of stratigraphic trap experts.
Advanced seismic analysis was utilised to identify prospects containing likely gas-filled permeable reservoirs.
Access to an extensive 3D seismic data set across the basin allowed for the seismic responses of new prospects to be compared with historic shallow gas discoveries. One prospect identified and showing a similar response to historic discoveries is the company's GOLD prospect, having a 6.4 bcf gross best case prospective resource.
It is expected to be included in the first cluster of drilling, along with ADX's ZAUN and GRAB prospects. All are within close proximity to public pipelines, resulting in time and cost savings to develop gas resources.
ADX set out with a plan two years ago to produce a portfolio of shallow, minimal risk and potentially profitable gas prospects and if it can now secure the backing of a cashed-up oil and gas player, it will be well placed to unleash the drill rig to test the full extent of its well located resources.
Is your ASX-listed company doing something interesting? Contact:
matt.birney@wanews.com.au
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