Australian ADX Energy Is Preparing To Drill A Well In Upper Austria
Australian oil and gas company ADX Energy has announced plans to begin drilling operations at the Welchau gas exploration project under license ADX-AT-II in Upper Austria. ADX has completed construction of the Welchau-1 well pad and plans to begin drilling the well on February 20, 2024, with the entire drilling program expected to take approximately 39 days.
Australia’s ADX Energy said in a statement: “The Welchau gas field has exceptional gas resource potential, located in the heart of Europe, at relatively shallow drilling depths and close to gas pipelines.” ADX estimates Welchau has 134 million boe of prospective resources.
ADX has signed an agreement with subsidiary MCF Energy (MCF) to finance 50% of the cost of the Welchau-1 well, up to €5.1 million, to obtain a 25% stake in the Welchau investment area.
Upon completion of the MCF financing, ADX will own a 75% stake in the Welchau investment zone and 100% of the remaining ADX-AT-II license, excluding the Anshof discovery zone.
