ADX Energy Ltd.: Dual Prize Identified at Welchau
Wien (pta010/04.02.2026/09:52 UTC+1)
Appraisal focus on light oil potential updip of Welchau 1 and gas condensate resource at a relatively shallow depth below Welchau 1
"Updated mapping and pressure analysis has identified a light oil accumulation 500 meters updip of Welchau 1 and gas condensate resources, shallower than previously expected, in pressure communication with the Molln-1 discovery"
Key points:
- Technical Update: Incorporates newly assessed oil resources updip of the Welchau 1 well and gas resources updip of the Molln 1 gas condensate discovery in a shallower structural setting, more readily accessible by deepening the Welchau well (refer to map showing Welchau Gas Fairway and Updip Light Oil Accumulation in Figure 1 in the PDF file).
- Regional Hydrocarbon Play: Welchau is a strategically significant gas condensate and potential light oil discovery, characterised by overpressured reservoir conditions with verified hydrocarbon presence from multiple petroleum sources across several formations, that warrant further appraisal.
- Connected Petroleum System: Pressure and structural data demonstrate pressure continuity and aquifer communication between Welchau 1 and the downdip Molln 1 discovery, indicative of an extensive, interconnected petroleum system with significant gas condensate resources updip of Molln 1 in a shallower and more accessible setting than previously expected (refer to cross section shown in Figure 2 and pressure data in Figure 3 in the PDF file).
- Light Oil System: Continuous hydrocarbon shows and light oil recovered at Welchau 1 confirm the presence of a light oil system within the extensive Welchau anticline, which will be further evaluated in the upcoming testing program (refer to Welchau-1 Evaluation Results in Figure 4 in the PDF file).
- Updip Oil Potential: The crest of the shallow Welchau anticline is mapped approximately 500 metres updip and west of the Welchau 1 well location and is interpreted as an updip light oil accumulation (refer to cross section shown in Figure 5 in the PDF file).
- Welchau Testing and Appraisal: Welchau 1 will be tested in the coming weeks to verify the presence of moveable oil within the top Reifling Formation. The well can be deepened to appraise the central duplex structure updip of the Molln 1 gas condensate discovery or sidetracked westwards to assess the updip light oil potential (refer drilling plot showing appraisal options in Figure 6 in the PDF file).
- Revised Oil and Gas Resources: The total aggregated mean prospective oil and gas resource estimates for the Welchau anticline are 18 MMbbls (Pmean) 1 for the updip light oil and 125 BCF 1 (Pmean) updip of Molln 1 (refer to table 1 in the PDF file).
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.
ADX Executive Chairman, Mr Ian Tchacos, said "The results of ongoing geotechnical work and engineering studies by ADX, supported by highly experienced international consultants, is very encouraging. Dual appraisal targets (Updip Oil and Downdip Gas) have been identified from the technical work incorporating all available data from Welchau 1, the Molln 1 historic gas discovery, new mapping and surface geology.
"The recent studies and field work substantiate the presence of a strategically significant light oil and gas discovery in the Welchau anticline where Welchau-1 is interpreted to be interconnected with the historic with Molln 1 gas condensate discovery.
"Of particular significance is the shallower structural setting of the potential gas condensate resources which are assessed to be in pressure communication with the Molln-1 well that successfully tested gas condensate in the late 80's.
"After the completion of the current testing program, the Welchau 1 well can be utilised for dual appraisal objectives – either a shallow side track targeting updip oil or deepening to access the potentially large gas condensate resources.
"While the Welchau play is complex, our improved understanding of the large Welchau anticline, incorporating Welchau 1, together with the historic Molln 1 well, represent material, strategic and highly prospective discoveries with multiple oil and gas objectives which warrant our near-term testing program as well as our ongoing appraisal work."
For more details please see the PDF file.
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| Emitter: |
ADX Energy Ltd. Ölzeltgasse 3/8 1030 Wien Austria |
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|---|---|---|
| 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 |