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Australian Gas Developer Adds Reserves and Exploration Potential

Source: Stephane Foucaud


December 8, 2023 ( Newswire) Recently, ADX Energy Ltd. announced updates on increased reserves, new exploration prospects, and near-term drilling catalysts, noted Stephane Foucaud in an Auctus Advisors research note.

ADX Energy Ltd. (ADX:ASX) provided updates on increased reserves, new exploration prospects, and near-term drilling catalysts across its oil and gas assets in Austria and Romania, noted Auctus Advisors analyst Stephane Foucaud in a December 6 research report.

The analyst reiterated a Buy rating and AU$0.80 price target on ADX Energy.

Increased Reserves and Resources in Austria

According to Foucaud, the operator of ADX's Anshof project more than doubled its estimate of oil in place to 10 million barrels, adding 4-5 million barrels of potentially recoverable resources.

ADX also has a 37.5% interest in the Austrian Zistersdorf and Gaiselberg fields with 2P reserves of 2 million boe net.

New Exploration Areas Opened Up

The company holds exploration permits covering 1,228 square km in the Molasse Basin, including the permitted Welchau gas prospect set for drilling in January 2023.

ADX also added the LICHT exploration prospect, estimated to hold 16 bcf of natural gas resources. One of LICHT or the 38 bcf IRR prospects will be drilled in 2024.

The company also had no debt and AU$5 million in cash at the end of Q3 2023 to fund its forward drilling programs.

Significant Upside from Austrian Gas and Oil

Auctus maintains an AU$0.80 price target on ADX Energy based on a risked net asset valuation of its reserves, resources, and exploration portfolio.

The analyst sees over 600% upside potential from ADX's increased reserves, new prospect inventory, and upcoming exploration drilling.

More Info: Newswire

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