ADX Energy Commences Process for the Upper Austria Farm-in Opportunity

Source: www.gulfoilandgas.com 3/30/2021, Location: Europe

ADX Energy Ltd (ADX), is pleased to advise that it has completed technical and commercial work to commence a formal farmout process for the ADX-AT-I and the ADX-AT-II exploration, production and gas storage licenses in the Upper Austria (“AGS licenses”) in which ADX holds a 100% interest. The presentation attached to this release summarises the prospectivity and resource potential of ADX AGS licenses. As a result of recently completed technical studies ADX has upgraded its previously announced resources estimates for the 10 well “ready to drill” portfolio from 42 million barrels of oil equivalent (MMBOE) to 58 million barrels of oil equivalent (MMBOE) combined P50 (best case) prospective resources. ADX previous resources estimates were announced on the ASX on 30 November 2020.

The increase in prospective resources is the results of an extensive technical review of the AGS license prospect inventory in preparation for a formal farmout process. The change in the best technical cumulative prospective resources relative to the previous announcement is almost entirely due to the revision of 3 of the larger prospects being reviewed by ADX’ subsurface team and highly experienced external consultants in terms of structural interpretation, 3D seismic mapping and expected reservoir parameters.

The drill ready revised exploration prospect inventory for the Upper Austria AGS licenses is summarized in the prospective resources histogram below - showing the best technical case prospective resources for each prospect. The prospects range from just over 1 MMBOE to over 20 MMBOE Resources. The average prospect Resource size is 5.8 MMBOE. Prospects less than 1 MMBOE are still profitable due to proximity to modern infrastructure. The larger prospects exceeding a 5 MMBOE Resources, if successful, are highly valuable in an onshore setting proximal to infrastructure.


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