ADX Energy Ltd.: Welchau Gas Resources Upgrade
Wien (pta032/03.03.2026/15:04 UTC+1)
"387 BCF P(mean) gas and 31 MMBBL P(mean) light oil and condensate prospective resource – refer Table 1."
Cautionary Statement: Prospective Resources are those estimated quantities of petroleum that may potentially be recovered by the application of a future development project(s) related to undiscovered accumulations. These estimates have both an associated risk of discovery and a risk of development. Further exploration appraisal and evaluation is required to determine the existence of a significant quantity of potentially recoverable hydrocarbons.
Key points:
Resources Update: Revised resources assessment for gas-condensate and light oil, incorporating updip oil resources of the Welchau 1 well as well as gas resources below the Welchau 1 well and updip of the Molln-1 gas condensate discovery.(Figures 1 and 2)
Summary of Welchau 1 drilling and testing results to date:
- The Welchau 1 was drilled targeting gas condensate updip of the Molln 1 discovery which tested gas condensate at 3.5 MMSCFPD in 1989.
- The Welchau 1 well encountered 450 metres of gas shows across four (4) primary fractured carbonate reservoirs from 1281 to 1731 metres. The well was suspended on the 28th of March 2024 with 7-inch casing down to the well total depth ("TD") at 1733 metres measured depth.
- A light oil with 43.6° API gravity was confirmed in the well with a recovered downhole sample, including hydrocarbon shows, wellbore inflows during drilling, formation fluid sampling and formation coring.
- A light oil was recovered from a down hole sample at 1479 metres in the Steinalm Formation. Similar API gravity light oil was recently recovered during testing of the Reifling formation between 1324 and 1452 metres - the shallowest carbonate reservoir in the well.
- Based on the recent Reifling Formation test results an oil water contact is prognosed below the Reifling Formation with the crest of the structure approximately 500 metres above the Welchau 1 well.
- A potentially significant light oil accumulation has been encountered at Welchau 1 however the original gas condensate target has not yet been reached by the well.
- Pressure and structural data demonstrate continuity between Welchau 1 and the downdip Molln-1 discovery. Two duplex arrays are mapped below the Welchau-1 casing shoe. The shallower of which can be reached by deepening the Welchau 1 well by 600 to 700 metres.
ADX Executive Chairman, Mr Ian Tchacos, said "The results of Welchau-1 to date confirm that a potentially substantial light oil accumulation has been encountered in the well. The well has not yet intersected the primary gas condensate objective we set out to drill and test in February 2024. The good news for ADX investors is that revised mapping and pressure data indicates the primary gas target updip of the historic Molln-1 is within easy reach of the Welchau-1 well below the 7 inch casing shoe at the current total depth of the well.
"A potentially large gas resource of 387 P(mean) can be reached very economically by deepening the Welchau-1 well approximately 600 metres. Welchau is a strategically significant gas condensate resource and a light oil discovery, characterised by overpressured reservoir conditions with multiple petroleum sources across several formations. The extensive testing, mapping and technical analysis done by ADX since the well was drilled has substantially increased our knowledge and our confidence that future drilling will yield a positive result for ADX at a time when Austria is highly dependent on imported gas.
"We look forward to providing further updates on our drilling plans as well as ongoing sample analysis and pressure monitoring from our recent testing work."
For more details please see the PDF file.
(end)
| Emitter: |
ADX Energy Ltd. Ölzeltgasse 3/8 1030 Wien Austria |
|
|---|---|---|
| Contact Person: | Vesna Blazevic | |
| Phone: | +43 676 6893465 | |
| E-Mail: | office@adx-energy.at | |
| Website: | www.adx-energy.com | |
| ISIN(s): | AU000000ADX9 (Share) | |
| Stock Exchange(s): | Free Market in Frankfurt, Hamburg, Munich, Stuttgart, Tradegate BSX | |
| Other Stock Exchanges: | Australian Securities Exchange (ASX), Sydney |