Past year: ▼ 37%(1.80c – 3.20c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
29 Nov 2022farm in farm out agreement▲ GoodMajor
Kepis & Pobe Financial Group will fund 50% of the EUR 3.81m (A$5.91m) Welchau-1 well to earn 20% of the Welchau farm-in area, with an option on a further 20% by 21 January 2023. Welchau targets 807 BCFE; this delivers the farmout funding sought.
31 Oct 2022resource reserve update▲ GoodMajor
RISC audit puts Anshof gross 2P reserves at 5.2 million barrels of oil equivalent, with NPV8 of EUR 42.3m. ADX's 80% share lifts its total Austrian 2P reserves by 239% to 5.90 MMboe. This resolves the reserves assessment awaited since the January discovery. 3P is 12.5 MMboe gross.
21 Apr 2022resource reserve update▲ GoodMajor
ADX lifts its Upper Austria drill-ready prospective resources to 72 MMBOE best technical case from 62, mainly from the new Gruenburg prospect (8.5 MMBOE) south of Anshof. Anshof moves to appraisal, and ADX is talking to potential farminees.
21 Apr 2022drilling progress report● Neutral
Testing tubing and perforating guns are in the Anshof-3 well after a casing check showed good cement across hydrocarbon zones. Initial flow results are expected early next week. Up to three gas-assisted flow periods are planned; nothing flowed yet.
11 Apr 2022drilling progress report● Neutral
The RED W-101 workover rig is now on site at Anshof-3. Perforation and first oil inflow are expected in the week of 18 April 2022, with testing finishing by end-April. This follows the earlier one-week Covid delay; no results yet.
31 Mar 2022drilling scheduled▼ Bad
Anshof-3 flow testing slips about a week after a Covid-19 event affecting a rig contractor's crew. The workover rig is now due around 8 April 2022, with first oil inflow expected by the week of 18 April. Testing should finish by end-April.
15 Mar 2022drilling scheduled● Neutral
Flow testing of Anshof-3's Eocene oil zone starts in late March 2022 using a workover rig. ADX estimates 40-100 barrels of oil per day, based on nearby wells. If it works, interim trucked production could begin before a production licence is granted.
28 Jan 2022drilling scheduled● Neutral
A workover rig is due at Anshof-3 the week of 1 March 2022 to test the 6m Eocene oil zone at 2,302m, then the 20m Miocene gas zone at 800m. ADX says first commercial production could come within 6 months of a successful test and does not plan to revise pre-drill Eocene resources.
17 Jan 2022drilling progress report● Neutral
Drilling at Anshof-3 is finished. 7 inch casing was cemented to 2,499m and the rig was released on 15 January 2022 after 28 days. The well is suspended awaiting a workover rig for completion and testing. No new results.
14 Jan 2022drilling result▲ Good
Partner Xstate reported wireline results for Anshof-3: a 9m gross Eocene oil interval with about 2.5 to 4m of expected net pay, and a 20m Miocene gas interval with about 14m of expected gas pay. The 11m Cenomanian zone was not expected to be productive. Xstate said its farm-in was complete, giving it a 20% working interest funded from cash.
14 Jan 2022drilling result▲ GoodMajor
Wireline logs confirm the Anshof-3 discovery: 6m gross Eocene oil (about 2.5-4m net pay) and 20m gross Miocene gas (14m pay). The 11m Cenomanian oil is likely unproductive here. Eocene thickness is at the low end of pre-drill expectations. The well will be cased for testing.
11 Jan 2022drilling progress report● Neutral
Anshof-3 reached total depth of 2,499m in crystalline basement on 6 January 2022. Logging was delayed by hole instability. An extra 11m gross Cenomanian interval with oil and gas shows was found. Logs are due this week; nothing is yet tested.
5 Jan 2022drilling result▲ GoodMajor
Anshof-3 preliminary drilling data indicate an oil discovery: a 9m gross interval at the Eocene target, plus a 20m gross gas-show interval in the Miocene. Formation tops came in as predicted. Wireline logs due week of 10 January will confirm; this is not yet tested or flowed.
4 Jan 2022drilling progress report● Neutral
Anshof-3 reached 2,201m on day 16, on schedule. The Eocene oil target is expected near 2,310m and the Cenomanian near 2,490m. A roughly 20m gas-show zone near 850m will be evaluated after logging. No oil result yet.
29 Dec 2021drilling progress report● Neutral
Anshof-3 reached 1,123m on day 10, on schedule, with total depth now planned at 2,540m. Shallow gas shows from 175m are described as expected and caused a small delay while degassing. Main oil target not yet reached.
20 Dec 2021drilling spud● NeutralMajor
Anshof-3 spudded at 2am CET on 18 December 2021, the first well on the Upper Austria licences. The first 24 hours drilled 17½ inch hole to 37m and cemented casing. This starts the exploration well targeting 6.6 MMBOE best case, with Xstate funding 40% of costs.
14 Dec 2021drilling progress report● Neutral
Anshof well site construction is finished and the RED E-220 rig began mobilising on 13 December 2021, on schedule with the earlier mid-December plan. The first well will be Anshof-3. Forestry approval for two extra locations is now expected by year end, slightly later than the early-December estimate.
24 Nov 2021drilling progress report▲ Good
Final environmental approval was received and Anshof well site construction has begun. Rig mobilisation is expected mid-December, with spud 3–4 days later from the Anshof-3 surface location, and about 17 days to drill. Forestry approval for two extra locations is expected in about two weeks.
22 Nov 2021farm in farm out agreement▲ GoodMajor
Xstate Resources signed a heads of agreement to fund 40% of the Anshof well, capped at EUR 720,000, to earn 20% of the Anshof area, with a possible second-well option. ADX keeps 80%. This starts the Upper Austria farm-out; Xstate also holds a two-month option on the OHO prospect.
10 Nov 2021resource reserve update▲ Good
RISC independently reviewed ADX's Upper Austria prospects and found the estimates reasonable: Anshof mean unrisked 6.6 MMBOE with 43% chance of success, and OHO 17.0 MMBOE (oil case) at 24%. Supports the farm-out effort; these remain unproven prospective resources.
8 Nov 2021drilling scheduled▲ GoodMajor
ADX received Austrian mining approval for up to three wells at the Anshof site and signed a multi-well contract with RED Drilling. Anshof-1 is expected to spud mid to late December, taking 17 days to reach 2,200m at about EUR 2m dry hole, targeting 6.6 MMBOE best case.
4 Nov 2021resource reserve update▲ GoodMajor
An independent RISC audit lifted Austrian developed reserves: 1P to 1.19 MMboe (up 215%) and 2P to 1.85 MMboe (up 154%), versus the November 2020 audit. NPV is EUR 5.7m (1P) and EUR 15.9m (2P). This completes the pending reserves review.
30 Mar 2021resource reserve update▲ GoodMajor
ADX raised best-case prospective resources for its 10 drill-ready Upper Austria prospects to 58 MMBOE, from 42 MMBOE announced 30 November 2020, mainly from revising three larger prospects. It is now ready to start a formal farm-out with a data room.
5 Nov 2020resource reserve update▲ GoodMajor
Independent audit by ERCE of the Austrian fields' developed reserves at 31 Dec 2019 found 0.54 MMboe 1P and 0.89 MMboe 2P, 13% and 4% above ADX's pre-purchase estimates. 3P is 1.51 MMboe. This delivers the reserves report due in Q4.
8 Sept 2020farm in farm out completion▼ BadMajor
Tamaska's subsidiary has declined to proceed with the Parta farm-in, leaving US$1.3m of obligations unpaid. ADX rejects the legal basis, reserves its rights, and has put the 3D seismic mobilisation on hold. This undoes the Tamaska-funded seismic plan.
8 Sept 2020farm in farm out completion▼ Bad
Tamaska confirms it will not proceed with the Parta farm-in, which would have earned 50% for US$1.5m of 3D seismic spend. It says the earn-in period expired amid approvals delays and it chose not to extend. This is the counterparty's side of ADX's dispute.
26 June 2020drilling progress report● Neutral
Rig is set up at Iecea Mica-1 and production equipment is being run in. Flow testing is expected to begin the following week. No test results yet; the 20 bscf 2C estimate is unchanged.
23 Dec 2019drilling scheduled▲ Good
ADX set out its 2020 Romania program under a A$6.2m funding package: Iecea Mica-1 production test from late February, seismic from late Q1, Mica-2 drilling in Q3, reserves booking and development by mid-2020. Mica-1 2C is 20 bscf, as before.
9 Sept 2019drilling result▲ GoodMajor
Iecea Mica-1 deepening is suspended below the 2407 m over-pressured zone because of hole problems. Independent petrophysics and remapping give a 20 Bcf 2C contingent resource versus 6.1 Bcf pre-drill, with 14.5 m net pay. The well is plugged back to 2230 m and will be production tested.
4 Sept 2019drilling progress report▼ BadMajor
Drilling at 2407 m hit a highly over-pressured zone and a major kick, with well pressure reaching 387 bar. ADX says the well was brought under control with no injuries; a kill operation was still being prepared. Hydrocarbon gas, CO2 and brine returned. This explains the trading halt.
