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ADX Energy (ASX:ADX) - Executive Chairman, Ian Tchacos
Executive Chairman, Ian Tchacos
Source: The Market Herald
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  • Since spudding the Anshof-3 exploration well, ADX Energy (ADX) has progressed drilling at the well to over 1100 metres
  • Located in Upper Austria, ADX spudded the well on December 18 and says drilling has now reaching a depth of 1123 metres
  • The company reports shallow gas shows were encountered from 175 metres onwards, leading to a slight delay as the well was degassed
  • ADX will drill Anshof-3 to a total depth of 2540 metres as it continues to test the Anshof prospect within its ADX-AT-II license
  • Shares in ADX Energy are up 11.1 per cent at 1 cent each

Since spudding the Anshof-3 exploration well, ADX Energy (ADX) has progressed drilling at the well to over 1100 metres.

Located in Upper Austria, ADX spudded the well on December 18 with the help of farm-out partner Xstate Resources.

Xstate will fund 40 per cent of the costs involved in drilling Anshof-3, in return for a 20 per cent participating interest in the Anshof prospect.

ADX Energy advises drilling at the well, using the RED Drilling & Services E-220 drill rig, which has now reached a depth of 1123 metres.

The rig drilled a 12 ¼ inch hole to a depth of 340 metres, before cementing a 9 ⅝ inch casing. Drilling then resumed to the current depth in an 8 ½ inch hole.

ADX reports shallow gas shows were encountered from 175 metres onwards, leading to a slight delay as the well was degassed.

Otherwise, the company said the drilling of the well remained on schedule, with Anshof-3 to be drilled to a total depth of 2540 metres.

Shares in ADX Energy have jumped up 11.1 per cent during midday trade, trading at 1 cent each at 12:27 pm AEDT.

ADX by the numbers
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