reports
- Stephane Foucaud
ADX Energy (ASX: ADX): Readying-up the portfolio to return to drilling...
• 1Q25 net production was 246 boe/d. This is in line with our expectations. ADX held A$6.7 mm in cash at the end of March. • ADX is prioritizing production growth in Austria, with plans to advance up to 12 shallow gas prospects across ADX-AT-I and ADX-AT-II where it has varied its exploration acreage to maximise exposure to the proven gas play. The company aims to secure a partner for the first cluster of three prospects in 3Q25, with two of these wells potentially being drilled in 4Q25. • These...
- Stephane Foucaud
AUCTUS ON FRIDAY - 14/02/2025
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.30 per share: New acreage in Austria increases prospect inventory with a focus on low risk, shallow gas - ADX’s acreage in Austria has been modified to include additional near-term, low-risk gas prospects, as well as high-impact, higher-risk opportunities. One focus of the 2025 program is to drill shallow, low-risk, high initial production gas prospects that can be rapidly put into production. ...
- Stephane Foucaud
ADX Energy (ASX: ADX): New acreage in Austria increases prospect inven...
• ADX’s acreage in Austria has been modified to include additional near-term, low-risk gas prospects, as well as high-impact, higher-risk opportunities. • One focus of the 2025 program is to drill shallow, low-risk, high initial production gas prospects that can be rapidly put into production. ADX has more than tripled the number of these prospects within its revised acreage positions at ADX-AT-I and ADX-AT-II, holding 100% WI in the new prospects. A typical well at a shallow gas prospect has an...
- Stephane Foucaud
AUCTUS ON FRIDAY - 24/01/2025
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.30 per share: Historic permit award in Italy opens a new growth area - ADX has been offered and accepted the “d 363 C.R-.AX” permit in the Sicily Channel, offshore Italy, covering a maximum area of 346 km2. ADX applied for the permit in 2018, but the moratorium on awarding new exploration blocks in Italy was only lifted last year. ADX will become a licensed operator in Italy as well as Austria ...
GPRK GEOPARK
EGY VAALCO ENERGY INC.
SEY STERLING ENERGY PLC
ENW ENWELL ENERGY
IOX INTEROIL EXPLORATION & PRODUCTION ASA
PANR PANTHEON RESOURCES
ENQ ENQUEST PLC
SAVE SAVANNAH ENERGY
SQZ SERICA ENERGY
PHAR PHAROS ENERGY
NTOG NOSTRA TERRA OIL & GAS COMPANY
GKP GULF KEYSTONE PETROLEUM LTD.
ENOG ENERGEAN PLC
ZPHR ZEPHYR ENERGY
OKEA OKEA
JSE JADESTONE ENERGY
HBR HARBOUR ENERGY PLC
CEQ CRITERIUM ENERGY LTD.
PRD PREDATOR OIL & GAS HOLDINGS PLC
ADX ADX ENERGY LTD
J4V VAR ENERGI ASA
SHELL ROYAL DUTCH SHELL
HEX HELIX EXPLORATION PLC
- Stephane Foucaud
ADX Energy (ASX: ADX): Permit award in Italy opens a new growth area
• ADX has been offered and accepted the “d 363 C.R-.AX” permit in the Sicily Channel, offshore Italy, covering a maximum area of 346 km2. • ADX applied for the permit in 2018, but the moratorium on awarding new exploration blocks in Italy was only lifted last year. ADX will become a licensed operator in Italy as well as Austria and Romania. • While the permit is estimated to contain oil contingent resources, ADX has chosen to focus on natural gas which is also proven in the block, with 369 bcf p...
- Stephane Foucaud
AUCTUS ON FRIDAY - 13/12/2024
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.30 per share: Reflections on Welchau - Three intervals in the Reifling formation (1324 m-1340 m, 1346 m-1351 m and 1358 m-1382 m MD) were perforated but only limited inflow was determined. No fluid could reach the surface after the well was shut in. Sampling of the well indicated only completion brine (not reservoir fluid) and fine solid particles of unknown origin. ADX will analyse the particl...
EGY VAALCO ENERGY INC.
A2PAZ7 TETHYS PETROLEUM
TXP TOUCHSTONE EXPLORATION
PXT PAREX RESOURCES INC.
SEI. SINTANA ENERGY
PANR PANTHEON RESOURCES
SQZ SERICA ENERGY
GKP GULF KEYSTONE PETROLEUM LTD.
FEC FRONTERA ENERGY CORP
ORCA ORCADIAN ENERGY PLC
SEAPT NO SEACREST PETROLEO BERMUDA - SEAPT NO
ADX ADX ENERGY LTD
J4V VAR ENERGI ASA
MCFNF MCF ENERGY LTD
CDR CONDOR ENERGIES INC
PLSR PULSAR HELIUM INC.
- Stephane Foucaud
ADX Energy (ASX: ADX): Reflections on Welchau
• Three intervals in the Reifling formation (1324 m - 1340 m, 1346 m - 1351 m and 1358 m -1382 m MD) were perforated but only limited inflow was determined. No fluid could reach the surface after the well was shut in. • Sampling of the well indicated only completion brine (not reservoir fluid) and fine solid particles of unknown origin. • ADX will analyse the particles to understand their origin before deciding on the next steps. This could include acidization of the reservoir. The particles co...
- Stephane Foucaud
AUCTUS ON FRIDAY - 29/11/2024
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of NOK51 per share: Water inflow from a small interval in Welchau deeper formation. Continuing well test up hole – Two intervals in the Steinalm formation (1452.5 m-1463.5 m and 1474.5 m-1480 m MD) were tested at a stable rate (natural flow) of 240-290 bbl/d of drilling mud, likely contaminated formation water and some oil traces. Gas was initially observed at surface. While the achieved flow rate hig...
GALP GALP ENERGIA SGPS SA CLASS B
TLW TULLOW OIL PLC
GTE GRAN TIERRA ENERGY
GPRK GEOPARK
RKH ROCKHOPPER EXPLORATION
A2PAZ7 TETHYS PETROLEUM
OMV OMV AG
REP REPSOL SA
ENW ENWELL ENERGY
VLE VALEURA ENERGY INC.
SQZ SERICA ENERGY
PMG PARKMEAD GROUP
ENOG ENERGEAN PLC
SENX SERINUS ENERGY
AXL. ARROW EXPLORATION LTD
HBR HARBOUR ENERGY PLC
SOUC SOUTHERN ENERGY CORP
CEQ CRITERIUM ENERGY LTD.
ADX ADX ENERGY LTD
BCE BEACON ENERGY PLC
CDR CONDOR ENERGIES INC
- Stephane Foucaud
ADX Energy (ASX: ADX): Water inflow from a small interval in Welchau d...
• Two intervals in the Steinalm formation (1452.5 m-1463.5 m and 1474.5 m-1480 m MD) were tested at a stable rate (natural flow) of 240-290 bbl/d of drilling mud, likely contaminated formation water and some oil traces. Gas was initially observed at surface. • While the achieved flow rate highlights the high permeability of the natural fractures, the absence of hydrocarbons is disappointing and surprising given the results of the logs, the inflow of gas while drilling, the analysis of the retrie...
- Stephane Foucaud
AUCTUS ON FRIDAY - 22/11/2024
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C: Portion of deeper target at Welchau flows water on test – Two intervals (total of ~16 m) in the Steinalm formation. were tested at a stable rate (natural flow) of 240-290 bbl/d of drilling mud, likely contaminated formation water and some oil traces. Gas was initially observed at surface. While the achieved flow rate highlights the high permeability of the natural fractures, the absence of hydrocarbons is disappoi...
ENW ENWELL ENERGY
SEI. SINTANA ENERGY
PANR PANTHEON RESOURCES
PEN PANORO ENERGY ASA
ENQ ENQUEST PLC
XOM EXXON MOBIL CORPORATION
CRCL CORCEL
ATOM ATOME ENERGY PLC
ITH ITHACA ENERGY PLC
NOG NOSTRUM OIL & GAS PLC
SEAPT NO SEACREST PETROLEO BERMUDA - SEAPT NO
ADX ADX ENERGY LTD
CDR CONDOR ENERGIES INC
PLSR PULSAR HELIUM INC.
- Stephane Foucaud
AUCTUS ON FRIDAY - 01/11/2024
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price of A$0.70 per share: Approvals to start well testing at Welchau received. Rig and test equipment mobilized – All necessary approvals have been received to commence flow testing operations on the Welchau-1 discovery well for the period from 30 October 2024 until 31 March 2025. A workover rig has been mobilised to the Welchau-1 drill site with flow testing due to commence during the second half of Novem...
GPRK GEOPARK
A2PAZ7 TETHYS PETROLEUM
SEY STERLING ENERGY PLC
ENI ENI S.P.A.
PXT PAREX RESOURCES INC.
ALVOF ALVOPETRO ENERGY LTD
PEN PANORO ENERGY ASA
SNM SHAMARAN PETROLEUM CORP.
VLE VALEURA ENERGY INC.
EME EMPYREAN ENERGY
DNO DNO ASA CLASS A
XOM EXXON MOBIL CORPORATION
FEC FRONTERA ENERGY CORP
KOS KOSMOS ENERGY LTD.
ORC/B ORCA EXPLORATION GROUP CL B
HBR HARBOUR ENERGY PLC
PRD PREDATOR OIL & GAS HOLDINGS PLC
PLSR CN PULSAR HELIUM INC.
ADX ADX ENERGY LTD
CNECN CANACOL
- Stephane Foucaud
ADX Energy (ASX: ADX): Approvals to start well testing at Welchau rece...
• All necessary approvals have been received to commence flow testing operations on the Welchau-1 discovery well for the period from 30 October 2024 until 31 March 2025. • A workover rig has been mobilised to the Welchau-1 drill site with flow testing due to commence during the second half of November. There are multiple zones to test. The key test objectives being to confirm fluid type, reservoir productivity and likely reserves recovery. • Welchau-1 is a vertical exploration well that was cas...
- Stephane Foucaud
AUCTUS ON FRIDAY - 25/10/2024
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; Target price A$0.75 per share: Welchau test to start on 4th of November. LICHT well to reach main target next week – MCF Energy (the partner of ADX at Welchau) has announced that the well test at Welchau is expected to start on 4th of November. The initial well test results could also be available during November. The full well test operations will last much longer given that there are multiple zones to test. Our...
SEPL SEPLAT PETROLEUM DEVELOPMENT COMPANY
GPRK GEOPARK
ENI ENI S.P.A.
SEI. SINTANA ENERGY
KAR KAROON GAS AUSTRALIA LTD.
PEN PANORO ENERGY ASA
ENQ ENQUEST PLC
DELT DELTIC ENERGY
OKEA OKEA
BWE BW ENERGY
TAO TAG OIL LTD
PXOG PROSPEX OIL & GAS
LBE LONGBOAT ENERGY PLC
ADX ADX ENERGY LTD
J4V VAR ENERGI ASA
CDR CONDOR ENERGIES INC
- Stephane Foucaud
ADX Energy (ASX: ADX): Welchau test to start on 4th of November. LICHT...
• MCF Energy (the partner of ADX at Welchau) has announced that the well test at Welchau is expected to start on 4th of November. The initial well test results could also be available during November. The full well test operations will last much longer given that there are multiple zones to test. • Our unrisked NAV for Welchau is A$1.18 per share. • The Lichtenberg-1 exploration well (LICHT-1) has reached a depth of 2,140 m. with the main target reservoir expected at 2,500 m MD. The well total...
- Stephane Foucaud
ADX Energy (ASX: ADX): Welchau is about oil rather than gas: perhaps s...
• Welchau is now interpreted as a light oil rather than a gas condensate discovery based on detailed analysis of samples recovered from the well and other well data. While this means that the energy equivalent hydrocarbon volumes may be smaller than the original pre-drill estimates, onshore oil can be more valuable than gas to a small company due to the ability to produce and progressively develop a field without having to first prove up sufficient reserves to underwrite a pipeline and secure a ...
- Stephane Foucaud
AUCTUS ON FRIDAY - 20/09/2024
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX CN)C; Target price A$0.75 per share: Production boost at Anshof in October – The ANS-2A sidetrack well has encountered a 6.5 m net vertical oil column in high quality Eocene-aged sandstone reservoir. The reservoir quality encountered at ANS-2A is consistent with ANS-2 (porosity and permeability ~20% higher than at ANS-3). The oil-water contact was encountered very close to the top of the water wet reservoir encountered ...
- Stephane Foucaud
ADX Energy (ASX: ADX): Production boost at Anshof in October
• The ANS-2A sidetrack well has encountered a 6.5 m net vertical oil column in high quality Eocene-aged sandstone reservoir. • The reservoir quality encountered at ANS-2A is consistent with ANS-2 (porosity and permeability ~20% higher than at ANS-3). The oil-water contact was encountered very close to the top of the water wet reservoir encountered at ANS-2. Pressure data recovered from ANS-2A and the producing ANS-3 well confirms a continuous oil pool. These are two important positives. • This ...
- Stephane Foucaud
AUCTUS ON FRIDAY - 02/08/2024
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target of A$0.75 per share: Reflections on Welchau – IIndependent consultants have calculated that each of the three reservoirs encountered at Welchau (Reifling - 128 metres, Steinalm -118 metres and the Guttenstein - 111 metres) are hydrocarbon bearing with uncertainty on the hydrocarbon type. Laboratory work on the Steinalm reservoir has confirmed the full properties ofthe 43° API light sweet oil that was recove...
RDSA ROYAL DUTCH SHELL PLC CLASS A
GTE GRAN TIERRA ENERGY
OMV OMV AG
TXP TOUCHSTONE EXPLORATION
PXT PAREX RESOURCES INC.
SEI. SINTANA ENERGY
PEN PANORO ENERGY ASA
VLE VALEURA ENERGY INC.
SQZ SERICA ENERGY
XOM EXXON MOBIL CORPORATION
BP. BP P.L.C.
JSE JADESTONE ENERGY
AXL. ARROW EXPLORATION LTD
TRIN TRINITY CAPITAL INC
ADX ADX ENERGY LTD
BWEFF BW ENERGY LTD
TCF TRILLION ENERGY INTERNATIONAL INC
- Stephane Foucaud
ADX Energy (ASX: ADX): Reflections on Welchau
• Independent consultants have calculated that each of the three reservoirs encountered at Welchau (Reifling - 128 metres, Steinalm -118 metres and the Guttenstein - 111 metres) are hydrocarbon bearing with uncertainty on the hydrocarbon type. • Laboratory work on the Steinalm reservoir has confirmed the full properties ofthe 43° API light sweet oil that was recovered in an MDT sample run in the Steinalm Formation. The vertical extent of this light oil in the Steinalm or in the shallower Reifli...
- Stephane Foucaud
AUCTUS ON FRIDAY - 26/07/2024
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target of A$0.75 per share: Diversified and high impact newsflow over the balance of 2024 – ADX has confirmed a very busy programme of activity from September. The overall unrisked value of the programme is ~A$1.70 per share, which represents 17x the current share price. In early September, ADX will drill the Anshof-2A side track. The well is expected to intersect thick Eocene reservoirs similar to that encountere...
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
EOG EUROPA OIL & GAS (HOLDINGS) PLC
GPRK GEOPARK
MSMN MOSMAN OIL AND GAS
ENI ENI S.P.A.
REP REPSOL SA
KAR KAROON GAS AUSTRALIA LTD.
PANR PANTHEON RESOURCES
CHAR CHARIOT OIL & GAS
ZPHR ZEPHYR ENERGY
TRIN TRINITY EXPLORATION & PRODUCTION
WDS WOODSIDE PETROLEUM LTD
ATOM ATOME ENERGY PLC
SEAPT NO SEACREST PETROLEO BERMUDA - SEAPT NO
ADX ADX ENERGY LTD
J4V VAR ENERGI ASA
TCF TRILLION ENERGY INTERNATIONAL INC
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