Total
0
Shares
ADX Energy (ASX:ADX) - Executive Chairman, Ian Tchacos - The Market Herald
Executive Chairman, Ian Tchacos
Source: The Market Herald
  • ADX Energy (ADX) has provided a third update on well flow testing at the Iecea Mica-1 (IMIC-1) well in Romania
  • Recently, production equipment has been run into the well and been pierced to encourage flow from the Lower Pannonian gas reservoir
  • However, despite the evidence of inflow, gas flow to the surface has yet to be achieved, which suggests reservoir damage and mud filtrate has built up around the well
  • Fortunately, this damage can be reversed with acidisation, a process used to release oil and gas
  • Moreover, ADX's workover rig will be demobilised, as it's no longer needed for assessment work
  • ADX has dropped 12.5 per cent on the market and shares are currently trading for 0.7 cents each

ADX Energy (ADX) has provided a third update on well flow testing at the Iecea Mica-1 (IMIC-1) well in Romania

Production equipment

Recently, production equipment has been run into the well and been pierced to encourage flow from the Lower Pannonian (Pa IV) gas reservoir.

Despite the evidence of inflow, gas flow to the surface is yet to be achieved, which suggests reservoir damage and mud filtrate has built up around the well. This is a strong possibility, given that good reservoir porosity (a measure of empty spaces in a material) was encountered last year.

Therefore, ADX believes this reservoir damage may have been caused by the build-up of mud and other unabsorbent materials during drilling.

Fortunately, this damage can be reversed with acidisation, a process used to release oil and gas, which is a common practice in wells in this area.

Workover rig

Because it's no longer needed for assessment work, ADX's workover rig will be demobilised.

Once it has been removed, additional down-hole pressure sampling and tests will be completed using wireline equipment.

Further, results from a recent flow testing program will be made available to shareholders over the coming weeks.

ADX has dropped 12.5 per cent on the market and shares are trading for 0.7 cents each at 12:40 pm AEST.


Subscribe


ADX by the numbers
More From The Market Herald
Genex Power (ASX:GNX) teams up with J-POWER for Kidston wind project

" Genex Power (ASX:GNX) teams up with J-POWER for Kidston wind project

Genex Power (GNX) has agreed to develop the Kidston stage three wind project with Japan’s second-largest provider of hydroelectrical and wind power J-POWER.
KALiNA (ASX:KPO) secures second site in Alberta

" KALiNA (ASX:KPO) secures second site in Alberta

KALiNA Power (KPO) has secured a second site in Alberta, Canada.
Renergen (ASX:RLT) raises nearly $7 million

" Renergen (ASX:RLT) reports encouraging gas shows from Virginia

Renergen (RLT) has announced an update to its current drilling operations at its Virginia Gas Project in South Africa.
Otto Energy’s (ASX:OEL) Green Canyon 21 Bulleit Well hit with multiple delays

" Otto Energy’s (ASX:OEL) Green Canyon 21 Bulleit Well hit with multiple delays

Otto Energy (OEL) has seen its share price drop after it announced a number of delays at its Green Canyon 21 (GC21) Bulleit