ADX Energy (ASX:ADX) - Executive Chairman, Ian Tchacos
Executive Chairman, Ian Tchacos
Source: The Market Herald
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • ADX Energy’s (ADX) Austrian subsidiary enters an agreement with Siemens Energy and RED Drilling & Services to build and operate a well test site
  • The demonstrator plant will utilise a carbon dioxide-based geothermal power generation technology to evaluate geothermal to power technology
  • ADX Energy believes the pilot project shows the potential for oil and gas reservoirs to be redeployed for green energy solutions
  • Engineering, planning and procurement work is expected to begin next month
  • Company shares ended the day up 7.69 per cent to trade at 0.7 cents

ADX Energy’s (ADX) Austrian subsidiary has entered an agreement with Siemens Energy and RED Drilling & Services.

ADX VIE, Siemens Energy and RED will work together to develop a small-scale demonstrator plant utilising a carbon dioxide-based geothermal power generation technology at an existing well site.

The three companies signed a letter of intent back in July this year to build and operate a well site in Austria.

At the time of signing, ADX executive chairman, Ian Tchacos, said the pilot project holds potential.

“The pilot project demonstrates the potential for oil and gas reservoirs to be redeployed for green energy solutions in the near future,” he said.

“The redeployment of such assets is not just good for the environment, it is good business.”

This pilot project is aimed at evaluating the geothermal energy conversion technology including improved efficiencies in generating electricity compared
to conventional geothermal systems.

Geothermal power generation is capable of providing potentially cheap, constant and reliable carbon-free energy, according to a company announcement.

ADX will be responsible for licensing and subsurface execution aspects including permitting, engineering, geological analysis, operational planning and implementation.

Siemens Energy will provide thermodynamic engineering, process efficiency analysis and plant parameters to evaluate the system in a geological reservoir setting. RED’s role will involve providing well workover operations services and monitoring the well performance.

ADX Energy believes the pilot project will provide it with increased knowledge, experience and credibility to develop suitable geothermal power generation technologies in Austria and other Central European jurisdictions where it has identified areas with potential geothermal power generation opportunities.

Engineering, planning and procurement work is expected to begin next month.

Company shares were up 7.69 per cent to trade at 0.7 cents at market close.

ADX by the numbers
More From The Market Herald
ADX Energy (ASX:ADX) - Executive Chairman, Ian Tchacos

" ADX Energy (ASX:ADX) begins preparations for Anshof-3 drilling

ADX Energy (ASX:ADX) has begun preparations for production testing operations at its Anshof-3 exploration discovery well…
Brookside Energy (ASX:BRK)- Managing Director, David Prentice

" Brookside Energy (ASX:BRK) sees its quarter revenue skyrocket

Brookside Energy (ASX:BRK) sees its fourth quarter revenue sales skyrocket 800 per cent on quarter to…

" Woodside (ASX:WPL) to withdraw from Myanmar amid human-rights crisis

Woodside Petroleum (ASX:WPL) has announced its withdrawal from Myanmar after being active in the country for…

" Beach Energy (ASX:BPT) grows revenue despite production fall

Beach Energy (BPT) has seen its quarterly production fall seven per cent to 5.3 million barrels…