ADX Energy has commenced an eight-week well work program in Austria, aiming to increase production by 100 barrels of oil equivalent per day (BOEPD) across its existing fields while advancing testing at its HOCH-1 gas discovery. The program utilizes an MB Well Services workover rig to conduct production enhancement activities within the company’s wholly owned Vienna Basin fields. ADX plans to target new gas zones in three wells, which is expected to yield between 50 and 60 BOEPD. Additionally, a pump replacement in one well is projected to add 15 BOEPD, while the perforation of a new oil zone in another is anticipated to contribute between 30 and 40 BOEPD. Concurrent with these activities, ADX is preparing for the second phase of testing at the HOCH-1 gas discovery in its Upper Austria exploration license, scheduled to begin in early December. The HOCH-1 well, drilled in May, previously identified eight biogenic gas reservoirs. Phase one testing of four of these zones resulted in a co-mingled flow rate of 3.15 million cubic feet per day, or 548 BOEPD. The upcoming phase two testing will focus on the deeper Hall Channel zones. This process requires the removal of the phase one cement plug and the installation of a new production completion. According to ADX, post-drill 3D seismic mapping indicates that these deeper sands may form a stratigraphic trap extending at least 2.5 kilometers to the southeast. The company stated that successful results from these deeper zones could significantly expand the resource potential of the HOCH discovery. ADX serves as the operator and holds a 50 percent economic interest in the project. The initiative comes as European energy markets face supply constraints and elevated prices. ADX noted that current European gas prices of approximately EUR 86 per megawatt-hour are equivalent to an oil price of roughly US$170 per barrel, compared to the current market price of US$98 per barrel. The company highlighted that its mature operating region in Austria benefits from existing infrastructure, including treatment facilities, pipelines, and established service contractors. Beyond its current Austrian operations, ADX is pursuing further exploration projects, including the Welchau carbonate play in Upper Austria and offshore gas opportunities in Italy.
Article source: The West Australian | Image credit: The West Australian