ADX Energy (ASX:ADX) said the variation to its ADX-AT-I and ADX-AT-II exploration license areas in Upper Austria was formally implemented by the Austrian Ministry for Finance, including both relinquishment of existing areas and additions of new contiguous areas, according to a Monday Australian bourse filing.
ADX's wholly-owned Austrian unit, ADX VIE, maximized its exposure to multiple, low-risk, shallow gas targets that are proximal to pipeline infrastructure.
ADX's total area under license remains the same at 1022 square kilometers. This license optimization allowed the firm to upgrade the prospect portfolio at no additional cost, per the filing.
It began planning for well-drilling, including land acquisition and permitting, while targeting operational readiness by the year-end. It began talks with potential farm-in partners to participate in its 100%-equity held acreage to secure funding for a drilling program.
Its shares jumped 7% on market close on Monday.
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