ADX Energy (ASX:ADX) - Executive Chairman, Ian Tchacos
Executive Chairman, Ian Tchacos
Source: The Market Herald
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  • ADX Energy (ADX) secures approvals from the Austrian Mining Authority and other local authorities to drill at its Anshof-1 well in Austria
  • This is an important milestone in the permitting process for the company which will be followed by a nature compatibility approval
  • Well construction at Anshof-1 is scheduled for November 15 and as long as weather conditions are favourable, construction is expected to take four to five weeks
  • A drill rig is expected to arrive on site just before Christmas
  • ADX Energy is up 9.09 per cent and is trading at 1.2 cents per share

ADX Energy (ADX) has secured approvals from the Austrian Mining Authority and all relevant local authorities to drill at its Anshof-1 well which is located in Austria.

The approvals include three wells at the Anshof-1 well site allowing rapid follow up development wells to be drilled upon success.

This is an important milestone in the permitting process for the company. A nature compatibility approval is needed before starting well site construction.

Well construction at Anshof-1 is scheduled for November 15 and if weather conditions are favourable the construction is expected to take four to five weeks. A drill rig is expected to arrive on site just before Christmas.

The well is expected to take 17 days to drill and evaluate at a cost of around €2 million (A$3.1 million).

Anshof-1 well is the first well in ADX’s upper Austria exploration program.

Executive Chairman Ian Tchacos was pleased with the progress being made on the company’s upper Austrian exploration program.

“The achievements of defining a prospect for drilling, planning a well, securing a drill site and obtaining the necessary approvals for drilling a well, all within one year, is extraordinary,” Mr Tchacos said.

“The progress made in Upper Austria is a credit to our team on the ground and the licensing authorities in Austria.”

On the market today, ADX Energy was up 9.09 per cent and is trading at 1.2 cents per share at 2:52 pm AEDT.

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