Anshof-2 Appraisal Well Update Drilling Operations

Source: www.gulfoilandgas.com 11/28/2023, Location: Europe

Key points:
- The Anshof-2 appraisal well is located in the ADX-AT-II licence in Upper Austria. The well was spudded at 10:00 am Central European Time (CET) on the 13th of November 2023. ADX is the operator and has a 60% economic interest in the well.
- The RED Drilling & Services GmbH (RED) E-202 rig is being used to drill the Anshof-2 well, the same rig used to drill Anhof-3 discovery well.
At 6:00 am CET on the 27th of November 2023 the status of well operations was drilling ahead at a depth of 1108 meters in 8 inch hole.
- Previous operations since last report include the drilling of 12 inch hole to 730 meters (Casing Depth).
- Run and cement 9 ? inch casing to Casing Depth. Set up for new 8 inch hole size, drill out casing shoe and drill ahead in 8 inch hole to the current depth.
- Planned future operations include the drilling of the 8 inch hole to a total depth of 2650 m with a directional drill string configuration. The planned well trajectory is intended to intersect Eocene oil reservoir at near horizontal angle of 79 o to maximize the wells linear intersection with the target reservoir in order to maximise production rate and reserves recovery.
- The next routine Drilling Operations Report will be provided on the 5th of December 2023. Well drilling results will be provided as they become available.

An overview of the Anshof -2 Well Objectives is available in Appendix 1 at the end of this release.

ADX Energy Ltd (ASX Code: ADX) is pleased to advise that at 6:00 am CET on the 27th of November 2023 the status of drilling operations on the Anshof-2 well was drilling ahead at a depth of 1108 meters in 8 inch hole. The well was spudded at 10:00 am Central European Time on the 13th of November 2023. The Anshof-2 well is located in the ADX-AT-II license in Upper Austria. RED Drilling & Services GmbH (RED) E-202 rig is being used to drill the Anshof-2 well. The RED E-202 rig is the same drilling rig that was used to drill the Anshof-3 discovery well.

The planned future Anshof-2 well operations include the drilling of the 8 inch hole to a total depth of 2650 m with a directional drill string configuration enabling steering of the well trajectory. The planned well trajectory is intended to intersect Eocene oil reservoir at near horizontal angle of 79 o to maximize the wells linear intersection with the target reservoir in order to maximise production rate and reserves recovery.

The previous drilling operations since last report include the drilling of 12 inch hole to 730 meters (Casing Depth). The running and cementing of 9 ? inch casing to the Casing Depth. Set up for new 8 inch hole size, drill out the casing shoe and drill ahead in 8 inch hole to the current depth.

Gas Shows Encountered While Drilling
Several additional elevated gas shows and peaks were experienced while drilling the 8 inch hole within thin sandstone and shale layers of the so called imbricated clastic Puchkirchen formation of Oligocene/Miocene age which are over-thrusted by the geologically older Cretaceous age Flysch formation.

Further Operational Updates
ADX will provide weekly Anshof-2 well operations updates to shareholders and drilling results as they become available. The next routine Drilling Operations Report will be provided on the 5th of December 2023.

Well Participation and Operatorship
In accordance with Anshof Discovery Area Partnership agreements the economic interests in the Anshof-2 well will be 60% ADX and 40% MND. ADX is the Operator of the Anshof Discovery Area Partnership and the ADXAT-II licence.

XST has elected not to participate in the Anshof-2 well. ADX and MND will fund XSTs share of well costs on 50:50 basis and will in turn obtain the right to 60% and 40% respectively of production from the well unless XST opts to buy back into the well at a premium of 400% to well costs. XST retains its 20% economic interest in the remainder of the Anshof Discovery Area Partnership (i.e. Anshof Discovery Area less the Anshof-2 well) with both ADX and MNDs economic interests remaining at 50% and 30% respectively.


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