Total
0
Shares
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • ADX Energy (ADX) has officially acquired two oil and gas fields in the Vienna Basin, Austria
  • The company purchased the production assets for 4 million euro (roughly A$6.4 million)
  • On November 18, ADX received closing approval from the Austrian Government to finalise the purchase
  • ADX is steady today with shares trading for 0.9 cents apiece

ADX Energy (ADX) has officially acquired the Zistersdorf and Gaiselberg oil and gas fields located in the Vienna Basin, Austria.

As announced in July, ADX will also receive data collected by RAG regarding potential exploration targets.

On November 18, ADX received final approvals from the Austrian Government to finalise this purchase.

The initial asset purchase price was 4 million euros (A$6.4 million) but the final acquisition cost came down to 2,262,074 euros (A$3.6 million), which accounts for net after-tax production revenues minus capital costs.

A Data User Agreement providing ADX with exclusive access to RAG Exploration Data, including 3650 square kilometres of 3D seismic, in Upper Austria will now come into legal force.

Securing access to this exploration database surrounding RAG’s core production fields is a massive advantage for ADX.

Additionally, ADX has secured facilities access arrangements to RAG’s extensive oil and gas infrastructure providing certainty of rapid development for any exploration success.

This positions ADX with ready to drill prospect inventory based on modern 3D seismic in a highly prospective producing basin with certain access to infrastructure.

“We are delighted to finally complete this transformative transaction thereby achieving a significant milestone for the company,” ADX Executive Chairman Ian Tchaos said.

“ADX is now a producer and the operator of production assets in Austria, a prime jurisdiction in terms of oil and gas product pricing, access to infrastructure and political stability,” he added.

ADX is steady today with shares trading for 0.9 cents apiece in a $13.01 million market cap.

ADX by the numbers
More From The Market Herald

" TEK-Ocean (ASX:T3K) awarded artificial reef installation project

Recently listed company TEK-Ocean Group (T3K) has been awarded an artificial reef installation project by Subcon Blue Solutions.

" Alligator Energy (ASX:AGE) appoints new COO as drilling approval received for Samphire

Alligator Energy (AGE) has appointed a new Chief Operating Officer as approval is received to begin drilling at the Samphire Uranium project in

" A-Cap Energy (ASX:ACB) raises $17.4m in rights issue

Australian-based resources company A-Cap Energy (ACB) has raised $17.4 million via its heavily oversubscribed renounceable rights issue.
Strike Energy (ASX:STX) - Managing Director & CEO, Stuart Nicholls

" Strike Energy (ASX:STX) caps off busy Q1 with ASX-300 listing

Strike Energy (STX) capped off a busy start to the 2022 financial year by announcing it had been added to the ASX 300.