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ADX Energy (ASX:ADX) - Executive Chairman, Ian Tchacos - The Market Herald
Executive Chairman, Ian Tchacos
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  • ADX Energy (ADX) has bumped up oil production by 80 per cent after completing well restoration at its oil fields in Austria's Vienna Basin
  • The oil and gas company said it is producing 430 barrels of oil equivalent per day compared to 240 BOEPD it reported in the December 2020 quarter
  • ADX said the enhanced production at the Gaiselberg and Zistersdorf fields comes as a result of identifying a new oil zone and fixing pump failures stemming from a flood last year
  • While a production trend has not been established to determine the production life of the new oil zone, ADX said the find demonstrates the potential for reserves from the fields
  • ADX Energy is trading in the grey at 1.1 cents per share

ADX Energy (ADX) has bumped up oil production by 80 per cent after completing well restoration at its oil fields in Austria's Vienna Basin.

After fixing pump failures in wells following an electricity outage from a flood in October last year, ADX has upped its field rate of production to 430 barrels of oil equivalent per day from 240 barrels of oil equivalent per day (BOEPD) in the December 2020 quarter.

The oil and gas player has attributed the "field-wide" production increase at Gaiselberg and Zistersdorf to a combination of rectifying past downhole failures and accessing a new previously bypassed pay zone.

ADX wrapped up the four-month well workover programme at the beginning of April, which allowed production to resume at the five failed wells as well as the perforation of a previously unproduced oil zone in another production well.

While a production trend has not yet been established to determine the production life of the new oil zone, ADX said the additional production demonstrates the potential for reserves from the fields.

"The production restoration work and the substantial new production from the previously behind pipe pay zone in an existing well is an excellent result for the
company," ADX Executive Chairman Ian Tchacos commented.

"Additional oil sales in combination with higher prevailing oil prices is expected to significantly enhance long term net cash flow if these production trends can be maintained," he added.

ADX Energy is trading in the grey at 1.1 cents per share at 1:00 pm AEST.

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