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- ADX Energy (ADX) has agreed to build and operate a well site in Austria with Siemens Energy and RED Drilling & Services
- The parties have all signed a letter of intent for the project, which will use geothermal power generation technology
- The pilot program is expected to commence during the third quarter of 2021
- ADX’s role will be to provide overall project management and to obtain the necessary regulatory permits
- On the market this morning, ADX is up 6.67 per cent and trading at 0.8 cents per share at 12:30 pm AEST
ADX Energy (ADX) has agreed to build and operate a well site in Austria with Siemens Energy and RED Drilling & Services.
The parties have all signed a letter of intent for the project, which will use geothermal power generation technology. The pilot program is expected to commence during the third quarter of 2021.
ADX’s role in the project will be to provide overall project management and to obtain the necessary regulatory permits.
Siemens Energy will provide thermodynamic engineering work for the evaluation of the power generation system and RED will undertake any drilling and well workover operations.
ADX and RED have already found potential well test sites where existing wells can be reconfigured to implement the pilot project. Subject to the suitability of the wells and regulatory approvals, it is expected that the first downhole testing could be conducted in the third quarter of 2021.
Geothermal power generation is capable of providing potentially cheap, constant and reliable carbon-free energy.
ADX Executive Chairman Ian Tchacos is pleased to partner with Siemens Energy and RED for the well site.
“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. We are especially pleased to become more involved in rapidly growing geothermal power industry.”
On the market this morning, ADX was up 6.67 per cent and trading at 0.8 cents per share at at 12:30 pm AEST.
