Past year: ▼ 37%(1.80c – 3.20c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
24 July 2024drilling scheduled● Neutral
Anshof-2A sidetrack is planned for early September 2024 (about 2 weeks), then an ADX-AT-I gas well in early October, with MND funding the first EUR 4.5m. Welchau-1 revised resource now due early September; winter testing permit sought for 1 Oct 2024-31 Mar 2025.
2 Apr 2024drilling result▲ Good
Welchau-1 was cased and suspended on 28 March, ahead of schedule and below budget, for future flow testing. Samples held small amounts of condensate to light oil mixed with drilling mud; a gas sample was 92% methane. Core and fluid analysis will feed an updated resource range.
25 Mar 2024drilling result● NeutralMajor
Logs show fracture networks and vuggy porosity coinciding with hydrocarbon shows over a 356 m gross interval in Welchau-1, and liquids and gas reached surface. Fluid sampling failed because the tool stuck. The well will be cased and tested after 31 March environmental restrictions end.
18 Mar 2024drilling result▲ GoodMajor
Welchau-1 reached total depth of 1,733 m and found 115 m of condensate-rich gas shows in the Steinalm target (1,452-1,567 m), close to prediction and similar to Molln-1 gas. A 380 m seal was found. Flow rates are not yet known; logging and testing follow.
11 Mar 2024drilling progress report▲ Good
Welchau-1 set 9⅝-inch casing and was drilling at 1,028 m on 10 March, about 4 days ahead of plan. Fractured carbonates and minor gas shows were seen; no target-zone result yet. Target remains the Steinalm formation, as at the nearby Molln-1 gas well.
4 Mar 2024drilling progress report● Neutral
Welchau-1 reached 640 m in 12¼-inch hole on 3 March, after setting 13⅜-inch casing at 120 m. Next it drills to about 1,050 m, then logs and sets 9⅝-inch casing. No gas results yet; next update due 11 March.
26 Feb 2024drilling spud▲ GoodMajor
Welchau-1 was spudded on 24 February with the E200 rig and was at 60 m in 17½-inch hole. It targets the Steinalm formation at 1,100-1,800 m, where nearby Molln-1 found gas; total depth is 1,500-1,900 m. This starts the key gas exploration well.
19 Feb 2024drilling scheduled● Neutral
The delayed E202 rig has been replaced by sister rig E200, secured from OMV, because of operational difficulties on E202. Mobilisation began 18 February and Welchau-1 spud is expected by 24 February, so drilling can still occur this winter.
12 Feb 2024drilling scheduled● Neutral
Welchau-1 timing slips slightly: the RED E202 rig is now due to be released on 14 February, with spud expected 20 February and about 39 days of drilling. All approvals remain in place; the MCF funding terms are unchanged.
2 Feb 2024drilling scheduled● Neutral
Welchau-1 well site is complete and all approvals are in place. The rig is due to be released the following week, with spud about a week later and roughly 39 days of drilling. MCF funds 50% of the well up to EUR 5.1m for 25%, leaving ADX 75%. Target is 807 BCFE best estimate.
9 Jan 2024farm in farm out agreement● NeutralMajor
Welchau-1 well cost estimate rose from EUR 3.8m to EUR 5.1m. MCF will now fund 50% of the well up to the higher cap and earn 25% instead of 20%, cutting ADX to 75%. Drilling is expected to start in late January.
8 Jan 2024farm in farm out completion▲ GoodMajor
The MND deal for the ADX-AT-I gas exploration area has completed. MND paid EUR 0.45m of back costs and will fund EUR 4.5m of drilling for 50%. ADX stays operator, with LICHT or IRR drilling targeted for second half 2024.
15 Dec 2023drilling progress report● Neutral
Welchau-1 well site construction began, taking about five weeks and finishing late January 2024. The rig was released from the suspended Anshof-2 well. Further Anshof drilling is expected to resume only after Welchau-1.
11 Dec 2023drilling result▼ BadMajor
Anshof-2 found at least 12 m net of good reservoir (about 20% porosity) but only about 34% oil saturation, near the oil-water contact. It will not be completed as a producer. It is suspended for a sidetrack up-dip after Welchau-1, a mixed result for the Anshof appraisal.
5 Dec 2023drilling progress report▲ Good
Anshof-2 hit the Eocene oil reservoir at about 2,160 m, 40-50 m higher than predicted, with at least 22 m gross thickness against 6 m at Anshof-3. Drilling continues to a revised TD of 2,320 m; logs are due by 12 December.
4 Dec 2023farm in farm out agreement▲ GoodMajor
MND agreed to repay EUR 0.45m of costs and fund EUR 4.5m of exploration drilling to earn 50% of an investment area in the ADX-AT-I licence. Drilling of the LICHT or IRR gas prospect is targeted for second half 2024. Completion awaits Austrian ministry clearance of the partnership documents.
28 Nov 2023drilling progress report● Neutral
Anshof-2 was drilling ahead at 1,108 m in 8½-inch hole on 27 November, after setting 9⅝-inch casing at 730 m. Further elevated gas shows were seen in the Puchkirchen formation. Target total depth is 2,650 m.
21 Nov 2023drilling progress report● Neutral
Anshof-2 was drilling at 458 m in 12¼-inch hole on 20 November. Expected shallow gas shows of up to 4.2% were met below the 13⅜-inch casing. No oil target reached yet; next report 28 November.
14 Nov 2023drilling spud▲ GoodMajor
Anshof-2 appraisal well spudded on 13 November 2023 using the RED E-202 rig. ADX operates with a 60% economic interest, MND 40%. It aims to extend the Anshof field reserves beyond the 5.2 MMBOE 2P base. Weekly updates promised.
6 Nov 2023farm in farm out agreement● NeutralMajor
Xstate, ADX's 20% partner in Anshof, will not participate in the Anshof-2 well, calling it a non-core asset and citing a strategy review. It keeps its 20% interest in Anshof-3. This lets ADX and MND take up its share of the well.
6 Nov 2023drilling scheduled▲ Good
Rig-up began for Anshof-2 with spud planned for 11 November. ADX now holds a 60% economic interest and MND 40% after Xstate opted out; Xstate can buy back in at 400% of well cost. Success case expected to add about 300 bopd.
4 Oct 2023drilling scheduled▼ Bad
Welchau-1 drilling is delayed to December 2023 because environmental clearance is still awaited, now expected by 30 October. MCF Energy agreed to extend its drilling start deadline to 1 January 2024. Slips the earlier Q4 target; the drilling permit is already held.
18 Sept 2023farm in farm out completion▲ GoodMajor
The MND deal closed: MND paid EUR 1.932m for past costs and long-lead equipment and holds 30% of Anshof. ADX's interest falls from 80% to 50% as operator, with Xstate 20%. MND still owes EUR 4.683m for wells plus contingent payments.
5 Sept 2023farm in farm out completion▲ GoodMajor
Austria's finance ministry cleared the Anshof partnership documents, satisfying the condition on the 7 August MND deal (up to EUR 11.52m for 30% economic interest). Anshof-2 drilling is planned for Q4 2023, funded by MND. This resolves the clearance thread.
7 Aug 2023farm in farm out agreement▲ GoodMajor
MND Austria will pay EUR 1.335m back costs and fund EUR 5.28m for the Anshof-2 and Anshof-1 wells to earn 30% of the Anshof field area. Up to EUR 11.52m including contingent payments. ADX keeps 50% and operatorship; completion needs Austrian ministry clearance.
22 June 2023resource reserve update● Neutral
Upper Austria prospective resources update dated 22 June 2023. Only disclaimers and definitions are visible; the quarterly report later cites a 340% rise in best-estimate prospective resources for appraisal and low-risk prospects, but no figures appear in this text.
18 Apr 2023drilling scheduled▲ GoodMajor
GaffneyCline's review, commissioned by MCF, supports ADX's Welchau resource view (gross unrisked gas 332/584/1,018 BCF for low/best/high). Drilling applications are submitted, rig and materials secured, and drilling is expected from September 2023 for 6-8 weeks; the well was slightly delayed.
1 Mar 2023farm in farm out agreement▼ BadMajor
MCF Energy declined its option to fund a further 50% of the Welchau-1 well, so it will hold 20% and ADX 80% once MCF funds 50% of the EUR 3.81m well. ADX will seek other farm-in partners for the remaining 50%, targeting Q3 2023 drilling.
23 Jan 2023farm in farm out agreement● Neutral
Kepis & Pobe assigned the Welchau farm-in to TSXV-listed MCF Energy, which recently raised C$8.5m. The option on a further 20% was extended from 21 January to 28 February 2023, subject to MCF proving financial capability.
14 Dec 2022farm in farm out completion▲ GoodMajor
Kepis & Pobe met completion conditions for the Welchau farm-in, paying EUR 197,000 pre-drill costs and a EUR 100,000 option fee. ADX also signed a land access agreement for the Welchau-1 site with the Austrian Forestry Ministry, resolving the site-access issue; permits still needed.
