ADX Energy Ltd (ADX) disclosed in its recently published operational update that it is expecting to receive award of the exploration permit(s) in central Austria, the area known as the Upper Austria, likely around mid-2020. As it is understood, the company, assisted by RAG Exploration & Production GmbH (REP), member of RAG Austria AG, lodged the application(s) for the permits in November 2019.  The area of interest is located is located within the Molasse Basin and was partly overlapping the Alpine domain.  To run its operations, ADX created a fully owned UK-based holding company, Terra Energy Limited, with Austria subsidiary ADX VIE GmbH to manage domestic assets.  Background Information  ADX disclosed on 2 July 2019 it had entered into binding agreements with REP to acquire the Zisterdorf and Gaiselberg oil and gas fields in eastern Austria. In addition, ADX purchased from RAG Austria the geological and 2D/3D seismic data for yet to be licensed exploration areas in central Austria (Upper Austria) covered by the seismic, falling partly within the Upper Austria permit. The transaction, with an effective date as of 1 January 2019, was closed on 30 November 2019.  The Upper Austria contract, operated by REP, covers 5,587 sq km extending from the city of Steyer in the east to the city of Burghausen on the border with Germany in the west. Originally awarded in 1981 (area 4,549 sq km), the block, solely operated by RAG, undergone several renewals since: effective 1 January 2015, RAG changed the area of the block, relinquishing the northwestern part of it, at the same time enlarging the tract in the eastern and southeastern direction (over the Northern Calcareous Alps). RAG Austria holds the exploration and production rights until 2022.  In regards of the areas in central Austria, a data user agreement has been effectuated to access REPâs information over some 3,650 sq km of the area. It is understood that as part of their transaction, RAG and ADX have undertaken a revision of the prospectivity of the Upper Austria block and new application(s) are being submitted to the authorities within the area covered by RAG-ADX data user agreement The portfolio of future drilling locations consists of 19 ready-to-drill prospects, eight out of which have already approved rig site locations.  The latest activity in the area dates ack to May 2019, when RAG commenced drilling wildcat HÃ¶cken 1 (result unreported).
ADX Energy Ltd (ADX) disclosed in its recently published operational update that it is expecting to receive award of the exploration permit(s) in central Austria, the area known as the Upper Austria, likely around mid-2020. 