The production license award enables ADX to expand the development of the oil field including the drilling of two development wells within the next 12 months in addition to the already producing Anshof-3 discovery well

• A production license has been awarded by Austria’s Ministry of Finance to ADX VIE GmbH (ADX) for the Anshof oil field, discovered in January 2022 by the Anshof-3 well. ADX is operator and holds an 80% economic interest in the Anshof oil field.
• The award of the production license provides the regulatory framework for development of the Anshof oil field located in the ADX-AT-II exploration license area in Upper Austria including the planned drilling of the Anshof-2 and Anshof-1 wells commencing Q3 2023.
• Test production from the Anshof-3 well commenced during October 2022 utilising a rented early production system and achieved to date an average stable rate of 113 barrels per day of light crude oil (33° API).
• Production performance from the Anshof-3 well has exceeded expectations and ADX intends to increase the production rate (currently constrained by well site facilities) to approximately 150 barrels per day when additional on-site oil storage is available in Q2 2023.
• An independent reserve and resource assessment (Independent Assessment) of the Anshof field estimated 2P (proven + probable) reserves at 5.2 million barrels of oil equivalent as at 1 October 2022.
• The Independent Assessment highlighted the Anshof field’s large 3P (proven + probable + possible) reserves and 3C contingent resource potential of 26 million barrels of oil equivalent which ADX plans to appraise with further drilling.
• In addition to the development of the Anshof field, ADX is maturing two adjacent exploration prospects which have been de-risked by the Anshof discovery.

ADX Executive Chairman, Mr Ian Tchacos, said, 
“The Board of ADX is delighted by the award of the Anshof production license less than 12 months after the initial testing of the Anshof-3 discovery well. Our management and operating team in Austria are developing a transformative new production asset for our Company in a very short time frame. Anshof has substantial independently assessed reserves and production potential that is expected to provide rapid revenue growth for ADX. We are especially appreciative of the Austrian government support, well defined and transparent permitting processes, together with a favourable operating environment, which will enable ADX to further contribute to Austria’s economy and energy security.”

ADX Energy announced today that Austria’s Ministry of Finance has awarded a production license to ADX VIE GmbH (ADX) for the development Anshof oil field located within the ADX-AT-II exploration license in Upper Austria. The production license provides the regulatory framework for the development of the Anshof oil field including the planned drilling of the Anshof-2 and Anshof-1 wells commencing in Q3 2023. ADX is operator and holds an 80% economic interest in Anshof field area. ADX holds a 100% economic interest in the remainder of the ADX-AT-II exploration license including near field exploration adjacent to the Anshof field.

A long-term production test commenced in October 2022 from the Eocene oil reservoirs at the Anshof3 well. Oil production to date was constrained to an average rate of 113 barrels of oil per day due to restricted onsite day storage capacity and limitation on truck movements to transport the oil to a nearby terminal for final processing and delivery by rail to the OMV refinery near Vienna. Eocene oil produced from the Anshof field is a high quality (33° API) sweet crude (i.e. low sulphur content).

Anshof-3 Well Test Production Performance

Production performance from the Anshof-3 well during the ongoing well test has delivered at the upper range of predrill expectations. Insignificant pressure decline was observed after a cumulative production of approximately 10,000 barrels to date. Strong pressure support was confirmed by pressure build up measurement which was recorded during the Christmas and New Year period. Reservoir pressure at the end of the shut-in period was estimated at 165.8 bar compared to an initial reservoir pressure of 169.4 bar based on surface pressure measurement.

The currently curtailed average daily oil production rate of 113 barrels is expected to be increased to approximately 150 barrels once crude oil storage capacity at the Anshof-3 well site is expanded in Q2 2023.

The Anshof well is being produced via a leased early production unit (EPU) and the oil is processed, transported and sold to the OMV refinery near Vienna. The EPU provides oil and gas separation, power generation, well site storage, offloading and telemetry control systems at the Anshof-3 well location, which allows oil to be efficiently produced from the well with minimal operator intervention.

KeyFacts Energy: ADX Energy Austria country profile