Market Herald logo


Be the first with the news that moves the market
  • ADX Energy has received final approval from the Austrian government to buy an oil and gas project in the Vienna Basin
  • The company will purchase two onshore assets from Austrian energy group, RAG, along with data for potential new targets
  • The projects are capable of producing 350 barrels of oil per day and generated over $3 million in sales after tax this year
  • ADX’s share price is remaining flat today, currently trading for 0.9 cents each

Energy company ADX has received final approvals from the Austrian government to finalise the purchase of an oil and gas project in the Vienna Basin.

The confirmed buy allows the company to produce oil and gas and operate energy sourcing projects in Austria.

“All third-party approvals have been achieved for ADX to complete the RAG Production Acquisition and to now become a producer and the operator of production assets in Austria,” company Executive Chairman Ian Tchacos said.

The company is buying the project assets from Austrian energy group RAG Exploration & Production. The Zistersdorf and Gaiselberg onshore oil and gas fields will be transferred to ADX with the purchase.

As announced in July, ADX will also receive data collected by RAG regarding potential, let to be licensed, exploration targets.

“ADX has achieved the goal of becoming a producer and an exceptionally well positioned explorer with a ready to drill prospect inventory,” Ian commented.

He added, so far the new Austrian projects have only been explored by one other company, leaving plenty of room for production and discovery.

The transaction was established as costing nearly $6.5 million (€4 million).

The project is capable of producing 350 barrels of oil equivalent per day and in 2019 has generated $3.25 million (€2 million) from sales after tax.

ADX’s share price is remaining flat on the Australian market today, with shares trading for 0.9 cents each.

ADX by the numbers
More From The Market Herald

" Sparc Technologies (ASX:SPN) and University of Adelaide to form hydrogen JV

Sparc Technologies (SPN) and the University of Adelaide (UoA) are set to form a joint venture hydrogen technology company.
Triangle Energy (ASX:TEG) - Managing Director, Robert Towner

" Triangle Energy (ASX:TEG) and Pilot Energy (ASX:PGY) complete Cliff Head crude oil lifting

Triangle Energy and (TEG) and Pilot Energy (PGY) say the Cliff Head Joint Venture (CHJV) has lifted 107,000 barrels (bbls) of Cliff Head
Armour Energy (ASX:AJQ) - CEO, Brad Lingo

" Armour Energy (ASX:AJQ) appoints lead manager for McArthur IPO

Armour Energy (AJQ) has appointed a lead manager for the initial public offering and proposed listing on the ASX of McArthur Oil &
Elixir Energy (ASX:EXR) - Managing Director and CEO, Neil Young

" Elixir (ASX:EXR) flows gas and water to surface in Mongolia

Elixir Energy (EXR) has updated the market on its exploration and appraisal program underway across its Nomgon IX Coal Bed Methane (CBM) Production