ADX Energy (ASX: $ADX) Welchau-1 Gas Exploration Well Update

ADX Energy Ltd (ASX: $ADX) has provided an update on the progress of the Welchau-1 gas exploration well, located in the ADX-AT-II exploration licence in Upper Austria. The well, which was spudded on the 24th of February, has reached a depth of 640 metres in the 12 1/4 inch hole section as of 6.00 am Central European Time (CET) on the 3rd of March. The drilling operations are being carried out using the RED E200 drill rig.

Executive Commentary on Welchau-1 Gas Exploration Well

The Welchau gas prospect holds significant potential, with ADX estimating best technical Prospective Resources of 807 BCFE (134 MMBOE). The well's progress aligns with our expectations, and we are optimistic about the prospects in the mid Triassic age Steinalm formation. Further exploration and evaluation are necessary to ascertain the presence of moveable hydrocarbons.

Summary of Welchau-1 Gas Exploration Well Update

The update on the Welchau-1 gas exploration well reflects the steady advancement of drilling operations, targeting the mid Triassic age Steinalm formation. ADX's partnership with MCF Energy Ltd. through its subsidiary MCF Energy GmbH to fund 50% of the well costs demonstrates a strategic approach to investment. The company's economic interest in the Welchau Investment Area and the ADX-AT-II license area underlines its commitment to maximizing the potential of the gas prospect. The successful completion of the drilling and evaluation program is anticipated to take approximately 39 days from the spud date, paving the way for further developments in the region.