Oil and Gas Discovered at Anshof-3 Well

Source: www.gulfoilandgas.com 1/5/2022, Location: Europe

Key points:
- Preliminary results from drilling data including measurement while drilling and mud logging at the Anshof-3 exploration well located in the ADX-AT-II license in Upper Austria (refer to figure 1) indicate the discovery of oil over the primary Eocene target as well as a shallower potential gas reservoir interval. The results are summarised as follows;
? A 9m gross interval has been encountered at the primary Eocene oil target, and
? A 20m gross interval has been encountered with strong gas shows within imbricated Miocene formations.

The intervals exhibited hydrocarbon shows indicative of moveable hydrocarbons based on extensive experience within the basin. The Eocene oil reservoir and other geological markers such as Top Oligocene and Top Cretaceous have been encountered as predicted, further confirming the presence of a large structure as mapped predrill on 3D seismic.

At 8pm Central European Time on the 4rth of January 2022 the well had reached a depth of approximately 2400m in the 8 inch hole.

Planned future operations include drilling to the total depth (into basement), intersecting a potential secondary target (Cenomanian sandstones) and electric line logging the 8 inch hole from a depth of 331m to a total depth of approximately 2500m.

The logging data is expected to be available during the week commencing 10 January 2022.

Notes:
An overview of the Anshof Prospect is available in Appendix 1 at the end of this release. It includes the results of an independent prospect review undertaken by RISC Advisory Pty Ltd (RISC).

ADX announced a farmout to ASX listed Xstate Resources Limited to fund 40% of the Anshof-3 well costs to earn a 20% participating interest in the Anshof Prospect. Refer to ASX release dated 22 November 2021.

ADX Executive Chairman, Mr Ian Tchacos, said, The Board of ADX is very encouraged by the well results to date, the safe and efficient drilling of our first well, as well as the potential of the Anshof area for both oil and gas production. Access arrangements to nearby infrastructure enable rapid tie in of discoveries. It is an extraordinary result by our team on the ground to have a potential discovery within 12 months of securing an exploration license. The speed of licensing and the ability to conduct efficient, cost effective operations demonstrates the benefits of operating in Austria.

ADX Energy Ltd is pleased to advise that the Anshof-3 exploration well in Austria has encountered an oil zone and a gas zone of interest based on preliminary results from drilling data including measurement while drilling and mud logging. The Anshof-3 well is located in the ADX-AT-II license in Upper Austria. The well reached a depth of approximately 2400m in 8 inch hole at 8pm Central European Time on the 4th of January 2022 utilising the RED Drilling & Services GmbH (RED) E-200 rig on day 17 of drilling operations.

The well is drilling ahead in the 8 inch hole to basement which will be the total depth for the well at approximately 2500m. The well may also intersect a secondary oil target prior to reaching total depth (Cenomanian sandstones). ADX is planning an electric line logging program for the 8 inch hole to further evaluate potential of the hydrocarbon intervals encountered in the well.

Observations and results
The preliminary results from Anshof-3 drilling data are summarised as follows;
A 9m gross interval has been encountered at the primary Eocene oil target, and
A 20m gross interval with potentially good reservoir quality has been encountered with strong gas shows within imbricated Miocene formations.

The abovementioned intervals exhibited hydrocarbon shows indicative of moveable hydrocarbons based on extensive experience within the basin. The Eocene oil reservoir and other geological markers such as Top Oligocene and Top Cretaceous have been encountered as predicted, further confirming the presence of a large structure as mapped predrill on 3D seismic.

Future operations
Planned future operations include electric line logging 8 inch hole from a depth of 331m to the total depth into the crystalline basement which is expected at a depth of approximately 2500m to determine the productive potential of the intersected reservoirs and confirm the likelihood of moveable hydrocarbons across the various intervals of interest.

Further Operational Updates
Wireline logging data is expected to be available during the week commencing 10 January 2022.


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