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ADX Energy (ASX:ADX) - Executive Chairman, Ian Tchacos - The Market Herald
Executive Chairman, Ian Tchacos
Source: HotCopper
  • ADX Energy (ADX) is on schedule to kickstart flow test operations at the Iecea Mica-1 well in Romania
  • The testing initially faced delays, due to the manufacturing of production equipment, and then the COVID-19 pandemic
  • However, the flow test is now expected to commence next week
  • Meanwhile, the company said that its workover rig has been mobilised and rigged up according to schedule
  • ADX remains steady on the market today and is selling shares for 0.8 cents each

ADX Energy (ADX) is on schedule to kickstart flow test operations at the Iecea Mica-1 (IMIC-1) well in Romania.

The company said its workover rig has been mobilised and rigged up all according to schedule.

The production equipment for the flow test is currently being run into the well, together with the preparation equipment required to initiate flow from the well.

"Well flow will be initiated utilising underbalanced perforation to maximise inflow and clean up with a view to maximising well productivity," the company explained.

The flow testing is expected to commence next week, but ADX will update the market on the testing soon.

Background on IMIC-1

The IMIC-1 well encountered gas across three zones and was suspended for future completion as a producer, following the testing.

However, this testing was deferred until the downhole well production equipment was manufactured. It was then delayed further due to border closures because of the COVID-19 pandemic.

"The testing program has been designed to determine the production capacity of the well through multiple flow rate measurements and pressure build-up response measurements," ADX added.

ADX remains steady on the market today and is selling shares for 0.8 cents each at 11:04 am AEST.


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