ADX Energy Ltd (ASX: ADX) announced that it is making significant progress in its preparations for flow testing the Welchau-1 discovery well situated within the ADX-AT-II licence in Upper Austria. With a substantial 75% economic interest in the Welchau Investment Area, encompassing the Welchau-1 discovery and additional promising prospects in the Northern Calcareous Alps, it is poised to capitalize on this unique opportunity.
Following successfully mobilizing the RED Drilling & Services W-102 workover rig and essential equipment on the 4th and 5th of November 2024, it is now fully set up at the Welchau-1 site. Surface testing materials have been efficiently transported, and the well installation has been completed, including tubing, a packer, and a perforating system. The current operations are focused on finalizing the thriving completion while simultaneously constructing robust flow testing facilities, which feature a test separator, essential pipework, and production storage tanks. The forthcoming flow testing program targets two major Triassic-Mesozoic-age reservoirs identified in the Welchau-1 well, commencing with the more profound Steinalm formation and the shallower Reifling formation. It is well-positioned to unlock this project's full potential and create significant value for its stakeholders by harnessing its expertise and resources.
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Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Enva Australia Pty Ltd (AFSL 424494). The information contained in this website is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.