ADX Energy advances Austrian gas exploration

ADX Energy is advancing exploration of the Welchau gas prospect in Austria.

The Welchau-1 gas exploration well has been drilled to a depth of 1,155 m. Minor hydrocarbon shows and fracturing patterns suggest the presence of hydrocarbons in deeper formations and are evidence of an active petroleum system at the Welchau-1 well location, the company said in a release Mar. 11.

Drilling to the main target is under way with completion and evaluation anticipated by the end of March. The expected total drill depth is between 1,500 m to 1,900 m measured depth. The main target depth is 1,100-1,800 m measured depth.

The Welchau gas prospect benefits from shallow drilling requirements and is about 18 km from the national gas pipeline network. Welchau has best technical prospective resources of 807 bcfe (134 MMboe). The Welchau-1 well targets mid Triassic age Steinalm formation in which gas was discovered at the nearby Molln-1 well, which intersected a greater than 400-m gas column and tested condensate rich, pipeline quality gas in 1989.

MCF Energy will fund the Welchau-1 well costs up to 50% of the cap of EUR 5.1 million to earn a 25% economic interest in the Welchau investment area.