ADX Energy Ltd (ASX code: ADX) is an ASX listed European Energy company. ADX operates oil and gas assets in Austria, Romania and Italy as well as a portfolio renewable energy projects in Austria.
ADX activities are focussed on Austria where it has broken into a 75 year duopoly to become one of only three oil and gas producers and one of only two explorers in a country that has produced over a billion barrels of oil and 3 Trillion cubic feet of gas. Austria has a supportive regulatory regime, proven yet largely unrecognised oil and gas resources, and excellent access to existing infrastructure.
ADX currently produces both oil and gas from its Vienna Basin oil and gas fields and is working to bring its Anshof oil discovery in Upper Austria – where it has a dominant 1,022km2 exploration portfolio – into production during the fourth quarter of this year.
A key differentiating factor from its peers is ADX location in the middle of Europe, arguably the most energy hungry region in the world. European natural gas prices have increased to extraordinary levels. The increase in gas price has been due to the combination of strong demand recovery following the COVID-19 pandemic, domestic production constraints and the impact of the Ukraine-Russia conflict.
ADX current activities in Austria include
- producing safe, long life and low emissions oil and gas from its Vienna Basin oil and gas fields at approximately 270 barrels of oil equivalent per day.
- developing new energy reserves at its recent Anshof oil discovery where it is expected to significantly increase production in the coming year by up to 1000 barrels per day.
- maturing drilling of high impact gas exploration as well as low-risk exploration that can be rapidly developed
- upcycling and redeploying its assets, people and skills for highly compatible, long-term, renewable energy projects
Planned activities in the coming 12 months include
- commencing commercial production from the Anshof discovery well in October 2022
- drilling two additional Anshof development wells
- drilling the giant Welchau gas prospect in upper Austria
- progressing the Vienna Basin Hydrogen Production and Storage Project
- undertaking feasibility studies for a 2 MW solar power project at its Vienna Basin oil and gas fields
- partnership formation for the Gmunden multi energy resource prospect which includes shallow gas targets together with a deeper geothermal target assessed to have between 15 to 20 MW renewable energy