ADX Energy Ltd (ASX:$ADX) Operations Update

ADX Energy Ltd (ASX:ADX) has commenced well site construction for the Welchau-1 gas well in the Welchau Investment Area in Upper Austria. The construction is in preparation for drilling operations, expected to begin in late January 2024. ADX also announced the suspension of Anshof-2 drilling operations, with plans to resume appraisal and development drilling following the Welchau-1 gas exploration well.

Executive Commentary on Operations Update

The commencement of well site construction for the Welchau Gas Prospect marks a significant milestone for ADX Energy Ltd. We are excited about the potential of Welchau, with estimated best technical Prospective Resources of 807 BCFE (134 MMBOE). The proximity to gas pipelines and the shallow drill depth further enhance the attractiveness of this prospect. We look forward to the drilling operations and the potential for significant hydrocarbon discovery.

Summary of Operations Update and Outlook

ADX Energy Ltd (ASX:ADX) has made progress with the commencement of well site construction for the Welchau-1 gas well, signaling the company's commitment to advancing its exploration activities in Upper Austria. The company's partnership with MCF Energy Ltd. to fund a portion of the well's cost demonstrates confidence in the potential of the Welchau Gas Prospect. With plans to utilize the RED E-202 drilling rig for both Welchau-1 and Anshof-2 operations, ADX aims to optimize its drilling activities and maximize the potential for hydrocarbon discovery. The company's focus on exploration and development aligns with its strategic goals, and the upcoming drilling operations present an opportunity for ADX to further its position in the energy sector.