Latest news with #ADX-AT-I
West Australian
a day ago
- Business
- West Australian
ADX gears up for multi-well gas push in Upper Austria
ADX Energy is poised to spark a new energy chapter in gas-hungry Europe after the company locked and loaded seven shallow gas drill targets with a combined mean prospective net resource of 29 billion cubic feet (Bcf) of gas in Upper Austria's Molasse Basin. The play has been planned as a low-risk, low-cost exploration program. The total net resource estimate for all targets ranges from 12.1Bcf as a low-ball guesstimate and to 49.4Bcf at the upper end. The company expects to kick off a multi-well campaign across its fully owned Austrian exploration ADX-AT-I and ADX-AT-II licences as early as the fourth quarter of this year. Permitting, rig contracting, and land access negotiations have begun. Land for two wells is already secured. ADX has identified seven drill-ready prospects and is actively maturing a further four. Of the seven, five sit within the proven Hall Formation, which is a prolific Miocene-age sandstone reservoir that has already delivered more than 230Bcf of cumulative production across 83 fields in the region. ADX's shallow gas initiative was first announced to the market two years ago and has been developed using local know-how combined with the sharp eyes of world-class stratigraphic trap specialists. It sits close to existing pipeline infrastructure. Armed with cutting-edge seismic technology, ADX deployed advanced 3D imaging techniques to pinpoint gas-charged sweet spots hiding in permeable reservoirs. The targets also bear striking similarities to the seismic signatures of proven gas fields already producing across the basin. ADX sees the GOLD cluster targets as the crown jewels in its exploration portfolio. The company's 100 per cent-owned AT-II licence includes three shallow Hall Formation prospects – dubbed GOLD, GRAB and ZAUN – and holds a combined mean resource estimate of 13Bcf, with geological chances of success ranging from 55 per cent to a massive 81 per cent. The GOLD-1 well will be the first cab off the rank and will target two high-confidence gas sands, GOLD A and C, which the company thinks have the highest chances of success at 77 per cent and 81 per cent, respectively. The GOLD wells will be drilled to depths of just 700 metres to 850m using slim-hole designs and mobile carrier rigs, which should enable cost-effective drilling and an uber quick turnaround of as little as nine days per well. ADX says it plans to link any discoveries into cluster developments, tying multiple wells into centralised production hubs to cut capital and running costs and boost output. A dedicated processing facility has already been mapped out, drawing on an initial design capacity of 140,000 cubic metres per day, expandable to 280,000 cubic metres/day for the full cluster development. Beyond the GOLD cluster, the company is targeting two additional prospects, PIC and STEY, also in the ADX-AT-II licence area, which have a mean prospective estimated gas resource of 8.1Bcf and paydirt probabilities of 75 per cent and 68 per cent, respectively. The final two prospects, HOCH and SCHOE, sit in the ADX-AT-1 licence area 50 kilometres to the west of the GOLD cluster and are held in a 50:50 joint venture with industrial giant MND Austria. Although these targets are estimated to hold the biggest combined net mean resource of all the prospects at 14.4Bcf, their probability of coming in is lower at 62 per cent and 51 per cent, respectively. ADX, meanwhile, has opened its data room to farm-in partners, promoting the prospects as a fast-track pathway to gas production in a first-world jurisdiction with existing infrastructure and an underexplored resource base. The company says several groups have already expressed interest, with deals potentially timed to line up with the company's forecast drilling dates. As the company finalises its permits and hones its drill plans, ADX looks well-positioned to convert its shallow gas play into a significant revenue stream exactly when Europe needs it most. Is your ASX-listed company doing something interesting? Contact:
West Australian
19-05-2025
- Business
- West Australian
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:
