{"id":4114,"date":"2024-01-08T22:09:49","date_gmt":"2024-01-08T22:09:49","guid":{"rendered":"https:\/\/economicherald.net\/?p=4114"},"modified":"2024-01-08T22:09:49","modified_gmt":"2024-01-08T22:09:49","slug":"adx-energy-targets-next-phase-of-gas-exploration-drilling-later-this-year-after-locking-away-mnd-funding-deal","status":"publish","type":"post","link":"https:\/\/economicherald.net\/?p=4114","title":{"rendered":"ADX Energy targets next phase of gas exploration drilling later this year after locking away MND funding deal"},"content":{"rendered":"<p>ADX Energy completes investment agreement with MND Austria paying up front cash \u20ac45 million<br \/>\nUp to \u20ac5 million of funding committed for exploration drilling on the ADX-AT-I licence<br \/>\nEither LICHT or IRR prospect set to be drilled during the second half of 2024<\/p>\n<p>\u00a0<\/p>\n<p><strong><em>Special Report:<\/em> ADX Energy has completed its investment agreement with MND providing a <\/strong><strong>\u20ac0.45 million and guarantees up to <\/strong><strong>\u20ac4.5 million for exploration drilling within the ADX-AT-I licence in Upper Austria.<\/strong><\/p>\n<p>Under the terms of an Energy Investment Agreement (EIA) <a href=\"https:\/\/stockhead.com.au\/energy\/adx-energy-extends-collaboration-with-mnd-through-farm-out-of-gas-exploration-prospects-in-upper-austria\/\">announced last month<\/a>, MND Austria has now paid back costs of \u20ac450,000 (~$730,000) to a subsidiary of <a href=\"https:\/\/stockhead.com.au\/company\/adx-energy-adx\/\"><strong>ADX Energy (ASX: ADX)<\/strong><\/a> and committed \u20ac4.5 million (~$7.34 million) for exploration drilling to earn 50% of a dedicated \u201cinvestment area\u201d within the licence in question.<\/p>\n<p>The transaction was completed following the recent clearance of the investment area partnership documentation by Austria\u2019s Ministry of Finance (BMF).<\/p>\n<p>ADX will be the operator of the investment area and retains a 100% interest over the remainder of the ADX-AT-I licence.<\/p>\n<p>The Investment Area subject to MND\u2019s farm-in over the ADX-AT-I licence. Source: ADX Energy<\/p>\n<p>\u00a0<\/p>\n<h2><strong>Drilling planned for H2 2024<\/strong><\/h2>\n<p>It is expected one of the LICHT or IRR gas exploration prospects hosted within the investment area will be drilled during the second half of 2024. Both are considered technically mature for drilling.<\/p>\n<p>A drilling permit was recently granted for the LICHT prospect, as well as environmental clearance.<\/p>\n<p>The IRR prospect is located next to an analogous discovery which to date has produced over 150 BCF of gas.<\/p>\n<p>Both prospects are also proximal to infrastructure which ADX believes provides opportunity for \u201crapid and low cost\u201d development.<\/p>\n<p>Either the LICHT or IRR (pictured) prospect will be drilled during the second half of 2024. Source: ADX Energy<\/p>\n<p>\u00a0<\/p>\n<h2><strong>MND partnership offers \u2018upside\u2019 for ADX shareholders<\/strong><\/h2>\n<p>ADX executive chairman Ian Tchacos said both his company and MND were looking forward to the proposed gas exploration program within the ADX-AT-I licence.<\/p>\n<p>\u201cWe are pleased to further extend our collaborative relationship with MND across the Anshof Oil Field, as well as exploration drilling opportunities within the ADX-AT-I licence,\u201d he said.<\/p>\n<p>\u201cThis transaction ensures ongoing exploration investment without the need to raise further shareholder funds \u2013 a strategy which provides upside to our shareholders with minimal financial exposure.\u201d<\/p>\n<p>MND reportedly generated revenue of approximately \u20ac8.5 billion in 2022 from a combination of production and exploration, drilling and services, energy storage and energy trading across Europe.<\/p>\n<p>The company is active in the Czech Republic, Germany, Ukraine, Hungary and Slovakia. Austria is a new country for MND\u2019s exploration and production business.<\/p>\n<p>\u00a0<\/p>\n\n<p><span class=\"mce_SELRES_start\">\ufeff<\/span>\u00a0<\/p>\n<p><em>This article was developed in collaboration with ADX Energy, a Stockhead advertiser at the time of publishing.<\/em><\/p>\n<p><em>\u00a0<\/em><\/p>\n<p><em>This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.<\/em><\/p>\n<p><span class=\"et_bloom_bottom_trigger\"><\/span><\/p>\n<p>The post <a href=\"https:\/\/stockhead.com.au\/energy\/adx-energy-targets-next-phase-of-gas-exploration-drilling-later-this-year-after-locking-away-mnd-funding-deal\/\">ADX Energy targets next phase of gas exploration drilling later this year after locking away MND funding deal<\/a> appeared first on <a href=\"https:\/\/stockhead.com.au\/\">Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"<p>ADX Energy completes investment agreement with MND Austria paying up front cash \u20ac45 million Up to \u20ac5 million of funding committed for exploration drilling on <a href=\"https:\/\/economicherald.net\/?p=4114\" class=\"read-more-link\">[more&#8230;]<\/a><\/p>\n","protected":false},"author":0,"featured_media":4115,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-4114","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>ADX Energy targets next phase of gas exploration drilling later this year after locking away MND funding deal - Economic Herald<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/economicherald.net\/?p=4114\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ADX Energy targets next phase of gas exploration drilling later this year after locking away MND funding deal - Economic Herald\" \/>\n<meta property=\"og:description\" content=\"ADX Energy completes investment agreement with MND Austria paying up front cash \u20ac45 million Up to \u20ac5 million of funding committed for exploration drilling on [more...]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/economicherald.net\/?p=4114\" \/>\n<meta property=\"og:site_name\" content=\"Economic Herald\" \/>\n<meta property=\"article:published_time\" content=\"2024-01-08T22:09:49+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/economicherald.net\/wp-content\/uploads\/2024\/01\/ADX-main-GRjsCu.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"675\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/economicherald.net\\\/?p=4114#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/economicherald.net\\\/?p=4114\"},\"author\":{\"name\":\"\",\"@id\":\"\"},\"headline\":\"ADX Energy targets next phase of gas exploration drilling later this year after locking away MND funding deal\",\"datePublished\":\"2024-01-08T22:09:49+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/economicherald.net\\\/?p=4114\"},\"wordCount\":491,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/economicherald.net\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/economicherald.net\\\/?p=4114#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/economicherald.net\\\/wp-content\\\/uploads\\\/2024\\\/01\\\/ADX-main-GRjsCu.jpeg\",\"articleSection\":[\"Finance\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/economicherald.net\\\/?p=4114#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/economicherald.net\\\/?p=4114\",\"url\":\"https:\\\/\\\/economicherald.net\\\/?p=4114\",\"name\":\"ADX Energy targets next phase of gas exploration drilling later this year after locking away MND funding deal - Economic Herald\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/economicherald.net\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/economicherald.net\\\/?p=4114#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/economicherald.net\\\/?p=4114#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/economicherald.net\\\/wp-content\\\/uploads\\\/2024\\\/01\\\/ADX-main-GRjsCu.jpeg\",\"datePublished\":\"2024-01-08T22:09:49+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/economicherald.net\\\/?p=4114#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/economicherald.net\\\/?p=4114\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/economicherald.net\\\/?p=4114#primaryimage\",\"url\":\"https:\\\/\\\/economicherald.net\\\/wp-content\\\/uploads\\\/2024\\\/01\\\/ADX-main-GRjsCu.jpeg\",\"contentUrl\":\"https:\\\/\\\/economicherald.net\\\/wp-content\\\/uploads\\\/2024\\\/01\\\/ADX-main-GRjsCu.jpeg\",\"width\":1200,\"height\":675},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/economicherald.net\\\/?p=4114#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/economicherald.net\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"ADX Energy targets next phase of gas exploration drilling later this year after locking away MND funding deal\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/economicherald.net\\\/#website\",\"url\":\"https:\\\/\\\/economicherald.net\\\/\",\"name\":\"Economic Herald\",\"description\":\"\",\"publisher\":{\"@id\":\"https:\\\/\\\/economicherald.net\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/economicherald.net\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/economicherald.net\\\/#organization\",\"name\":\"Economic Herald\",\"url\":\"https:\\\/\\\/economicherald.net\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/economicherald.net\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/economicherald.net\\\/wp-content\\\/uploads\\\/2023\\\/10\\\/cropped-cropped-economicheraldlogo-1.png\",\"contentUrl\":\"https:\\\/\\\/economicherald.net\\\/wp-content\\\/uploads\\\/2023\\\/10\\\/cropped-cropped-economicheraldlogo-1.png\",\"width\":850,\"height\":760,\"caption\":\"Economic Herald\"},\"image\":{\"@id\":\"https:\\\/\\\/economicherald.net\\\/#\\\/schema\\\/logo\\\/image\\\/\"}}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"ADX Energy targets next phase of gas exploration drilling later this year after locking away MND funding deal - Economic Herald","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/economicherald.net\/?p=4114","og_locale":"en_US","og_type":"article","og_title":"ADX Energy targets next phase of gas exploration drilling later this year after locking away MND funding deal - Economic Herald","og_description":"ADX Energy completes investment agreement with MND Austria paying up front cash \u20ac45 million Up to \u20ac5 million of funding committed for exploration drilling on [more...]","og_url":"https:\/\/economicherald.net\/?p=4114","og_site_name":"Economic Herald","article_published_time":"2024-01-08T22:09:49+00:00","og_image":[{"width":1200,"height":675,"url":"https:\/\/economicherald.net\/wp-content\/uploads\/2024\/01\/ADX-main-GRjsCu.jpeg","type":"image\/jpeg"}],"twitter_card":"summary_large_image","twitter_misc":{"Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/economicherald.net\/?p=4114#article","isPartOf":{"@id":"https:\/\/economicherald.net\/?p=4114"},"author":{"name":"","@id":""},"headline":"ADX Energy targets next phase of gas exploration drilling later this year after locking away MND funding deal","datePublished":"2024-01-08T22:09:49+00:00","mainEntityOfPage":{"@id":"https:\/\/economicherald.net\/?p=4114"},"wordCount":491,"commentCount":0,"publisher":{"@id":"https:\/\/economicherald.net\/#organization"},"image":{"@id":"https:\/\/economicherald.net\/?p=4114#primaryimage"},"thumbnailUrl":"https:\/\/economicherald.net\/wp-content\/uploads\/2024\/01\/ADX-main-GRjsCu.jpeg","articleSection":["Finance"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/economicherald.net\/?p=4114#respond"]}]},{"@type":"WebPage","@id":"https:\/\/economicherald.net\/?p=4114","url":"https:\/\/economicherald.net\/?p=4114","name":"ADX Energy targets next phase of gas exploration drilling later this year after locking away MND funding deal - Economic Herald","isPartOf":{"@id":"https:\/\/economicherald.net\/#website"},"primaryImageOfPage":{"@id":"https:\/\/economicherald.net\/?p=4114#primaryimage"},"image":{"@id":"https:\/\/economicherald.net\/?p=4114#primaryimage"},"thumbnailUrl":"https:\/\/economicherald.net\/wp-content\/uploads\/2024\/01\/ADX-main-GRjsCu.jpeg","datePublished":"2024-01-08T22:09:49+00:00","breadcrumb":{"@id":"https:\/\/economicherald.net\/?p=4114#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/economicherald.net\/?p=4114"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/economicherald.net\/?p=4114#primaryimage","url":"https:\/\/economicherald.net\/wp-content\/uploads\/2024\/01\/ADX-main-GRjsCu.jpeg","contentUrl":"https:\/\/economicherald.net\/wp-content\/uploads\/2024\/01\/ADX-main-GRjsCu.jpeg","width":1200,"height":675},{"@type":"BreadcrumbList","@id":"https:\/\/economicherald.net\/?p=4114#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/economicherald.net\/"},{"@type":"ListItem","position":2,"name":"ADX Energy targets next phase of gas exploration drilling later this year after locking away MND funding deal"}]},{"@type":"WebSite","@id":"https:\/\/economicherald.net\/#website","url":"https:\/\/economicherald.net\/","name":"Economic Herald","description":"","publisher":{"@id":"https:\/\/economicherald.net\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/economicherald.net\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/economicherald.net\/#organization","name":"Economic Herald","url":"https:\/\/economicherald.net\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/economicherald.net\/#\/schema\/logo\/image\/","url":"https:\/\/economicherald.net\/wp-content\/uploads\/2023\/10\/cropped-cropped-economicheraldlogo-1.png","contentUrl":"https:\/\/economicherald.net\/wp-content\/uploads\/2023\/10\/cropped-cropped-economicheraldlogo-1.png","width":850,"height":760,"caption":"Economic Herald"},"image":{"@id":"https:\/\/economicherald.net\/#\/schema\/logo\/image\/"}}]}},"_links":{"self":[{"href":"https:\/\/economicherald.net\/index.php?rest_route=\/wp\/v2\/posts\/4114","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/economicherald.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/economicherald.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/economicherald.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4114"}],"version-history":[{"count":0,"href":"https:\/\/economicherald.net\/index.php?rest_route=\/wp\/v2\/posts\/4114\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/economicherald.net\/index.php?rest_route=\/wp\/v2\/media\/4115"}],"wp:attachment":[{"href":"https:\/\/economicherald.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4114"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/economicherald.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4114"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/economicherald.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4114"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}