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ADX Energy’s independent assessment (ASX:ADX) confirms 5.2m barrels of 2P gross reserves at Anshof, Upper Austria – The Market Herald & More Trending News

 

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  • ADX Energy (ADX) confirms 5.2 million barrels of confirmed and possible (2P) gross reserves throughout the ADX-AT-II licence, Upper Austria
  • The estimated internet current worth for the 2P gross reserves is €42.3 million (A$67 million)
  • With the brand new estimate, ADX’s whole reserves place will increase by 239 per cent to five.9 million BOE which incorporates its 100 per cent owned fields within the Vienna Basin
  • Executive Chairman Ian Tchacos says it’s the firm’s objective to to considerably improve manufacturing and additional appraise the reserves from the sector
  • Shares in ADX Energy finish the day 14.3 per cent within the inexperienced to shut at 0.8 cents

ADX Energy (ADX) says an independent assets assessment by RISC Advisory has confirmed 5.2 million barrels of confirmed and possible (2P) gross reserves throughout the ADX-AT-II licence, Upper Austria.

The firm held an 80 per cent taking part curiosity within the Anshof area and a 100 per cent curiosity within the the rest of the ADX-AT-II licence.

RISC’s report consists of manufacturing forecasts, price estimates, mission economics and ensuing valuations of reserves by class for the Eocene oil reservoirs at the Anshof area.

The end result of the RISC for 2P reserves gross reserves was estimated at 5.2 million barrels of oil equal (BOE) as of October 1.

The estimated internet current worth of the 2P gross reserves is €42.3 million (A$67 million), calculated at RISC’s oil value forecast of a median of US$71 (A$110), representing an eight per cent low cost.

With the brand new estimate, ADX’s whole reserves place will increase by 239 per cent to five.9 million BOE together with producing 100 per cent owned Geiselberg and Zistersdorf fields within the Vienna Basin.

“The RISC CPR confirms the materiality and value of the Anshof field which is in line with the ADX predrill estimates,” Executive Chairman Ian Tchacos stated.

“ADX is pursuing the event of the Anshof area with the ordering of lengthy lead objects for the drilling of the Anshof-1 and Anshof-2 wells from the identical nicely web site because the just lately producing Anshof-3 nicely.

“Our goal is to significantly increase production and further appraise the reserves from the field.”

The downdip Anshof-2 nicely is deliberate to be drilled in late 2023 with plans to put in an oil export pipeline at the sector in 2024.

Production from each the Anshof-2 and Anshof-3 wells will proceed via an early manufacturing system till the pipeline is constructed.

Further wells shall be drilled as required to completely develop the sector in 2024 and past.

Shares in ADX Energy ended the day 14.3 per cent within the inexperienced to shut at 0.8 cents.

ADX Energy’s independent assessment (ASX:ADX) confirms 5.2m barrels of 2P gross reserves at Anshof, Upper Austria – The Market Herald

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