ADX Energy (ASX: ADX): Focus on the shallow gas prospects
• ADX has varied its acreage position to maximise exposure to a proven shallow gas play. A total of seven drill-ready shallow gas play prospects exist within the ADX-AT-I and ADX-AT-II licence areas have been matured for drilling. A further four gas prospects are being matured within its newly varied acreage areas.• ADX has commenced planning and permitting a multi well drilling campaign. Successful discoveries can be developed in clusters to optimise utilisation of facilities and maximise project value.
• ADX has initiated the farm-out process for the GOLD cluster of shallow gas prospects in ADX-AT-II. This cluster includes the GOLD (A&C), GOLD (B), GRAB, and ZAUN prospects, with a combined P50 prospective resource estimate of 12.1 bcf (13.3 bcf on a mean basis). GOLD accounts for 7.5 bcf, while ZAUN and GRAB hold 2.7 bcf and 1.9 bcf, respectively.
• The probability of success stands at 77-81% for GOLD (A, B &C), 55% for ZAUN, and 57% for GRAB. A successful outcome at GOLD would significantly enhance confidence in ZAUN and GRAB’s potential.
• These prospects target the shallow Hall Formation play in the Upper Austrian Molasse Basin—a well-established Miocene-age sandstone reservoir that has produced a cumulative 232 bcf since 1969. The formation hosts approximately 83 gas fields. The Hall Formation typically consists of stacked thin sands, with a maximum total net sand thickness of ~8 m, exhibiting excellent porosities (18.5%–27.4%) and permeabilities (30–150 mD). Even sands with
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