Australia's ADX Energy Finalizes Drilling Arrangements for Shallow Gas Well in Austria

en.Wedoany.com Reported - On November 12, Australian energy company ADX Energy announced that it has entered into a rig services arrangement with MND Drilling & Services to drill the GOLD-1 shallow gas exploration well within the ADX-AT-II exploration license area in Upper Austria, Austria. The rig is scheduled to begin mobilization on January 4, 2027, with drilling operations expected to last 14 days. Civil works and impermeable membrane installation at the wellsite have already commenced and are expected to be completed by the end of November 2026.

GOLD-1 is located in ADX's planned GOLD gas cluster, targeting the A and C gas-bearing reservoirs in the Miocene Hall Formation sandstone, which belongs to a submarine fan depositional system. ADX identified seismic amplitude anomalies with gas indication characteristics through 3D seismic data analysis and used them as the basis for well placement. The company estimates that the GOLD structure has a mean prospective gas resource of 830 million cubic meters in imperial units, i.e., 830 million cubic feet (8.3 Bcf).

ADX is the project operator and currently holds a 100% economic interest in the GOLD cluster. Under an energy investment agreement signed with UK-based Empyrean Energy on October 30, 2026, Empyrean will bear 20% of the GOLD-1 drilling, completion and testing costs, amounting to EUR 555,400, in exchange for a 10% economic interest in the cluster. The capped cost for drilling, completion and testing of the well is approximately EUR 2.777 million. ADX is also conducting due diligence with other potential investors to seek further co-investment funding.

The wellsite is approximately 300 meters from an existing gas pipeline connection point. If commercial gas reserves are encountered, the gas can be tied into existing transportation facilities via the nearby pipeline network, reducing the need for new export infrastructure. GOLD-1 is the second well in ADX's shallow gas exploration program in Upper Austria; the previous HOCH-1 well was drilled in May 2026 and encountered a gas discovery during testing. The GOLD-1 drilling results will be used to assess the conditions for joint development of nearby structures such as GOLD and GRAB in the area.