Key developments at ADX Energy

ADX Energy (ASX:ADX) has initiated the production testing of its Welchau-1 discovery well in Upper Austria. The company, holding a 75% economic interest in the area, is set to test major reservoirs. Initial data indicates the presence of high gravity light oil and associated gas.

ADX Energy's strategic outlook

ADX Energy's current focus is on the Welchau-1 discovery well, where testing operations have commenced to determine reservoir characteristics and reserve potential. The company has secured environmental approvals and aims to complete testing by March 31, 2025. With a 75% interest in the area and MCF Energy Ltd as a partner, ADX is poised to explore further prospects. Initial findings suggest promising light oil reserves, with prospective resources estimated between 12 MMBOE and 217 MMBOE. ADX plans to update resource estimates and explore additional formations based on forthcoming test results.

Executive insights on Welchau-1 testing

The Welchau-1 test is a significant milestone for ADX, our partners, and Austria, given the commercial potential of the discovered light oil and the geographical and infrastructural advantages.