ADX Energy Ltd. has announced an update on its Upper Austrian Shallow Gas Play, highlighting the advancement of multiple gas prospects. The company has indicated that four shallow gas prospects in its 100% equity acreage are drill-ready, with an additional seven being matured. These prospects are characterized by low drilling costs, low risk, proximity to pipelines, and potential for quick development and high profitability. ADX is planning to commence drilling the first cluster of prospects in Q4 2025. The company is also engaging with potential farm-in partners to co-invest, leveraging a partnership model previously utilized with MND Austria a.s. and MCF Energy Austria GmbH. This project, two years in development, offers ADX an opportunity to rapidly expand its gas reserves and production in Austria, amid strong demand for gas in Europe. The company aims to drill the first target in a cluster of three prospects by the end of 2025.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.