{"id":5706,"date":"2024-02-12T03:06:12","date_gmt":"2024-02-12T03:06:12","guid":{"rendered":"https:\/\/economicherald.net\/?p=5706"},"modified":"2024-02-12T03:06:12","modified_gmt":"2024-02-12T03:06:12","slug":"adx-energy-is-days-away-from-drilling-the-potentially-transformational-welchau-gas-prospect","status":"publish","type":"post","link":"https:\/\/economicherald.net\/?p=5706","title":{"rendered":"ADX Energy is days away from drilling the potentially transformational Welchau gas prospect"},"content":{"rendered":"

ADX Energy is days out from drilling the giant, potentially transformational Welchau gas prospect
\nWelchau could host 807Bcfe of gas, a valuable resource in Europe
\nDrilling expected to start on 20 February with operations to last 39 days in the success case<\/p>\n

\u00a0<\/p>\n

Special Report: ADX Energy is days away from spudding the Welchau-1 well to test a giant gas prospect in Upper Austria that will have little difficulty finding customers should it prove successful.<\/p>\n

After all, the prospect has a best technical prospective resource of 807 billion cubic feet equivalent (Bcfe) of gas.<\/span><\/p>\n

Welchau has several other things going for it as well, not least its location in the middle of Europe which will be more than happy to have a local source of energy over expensive imported LNG.<\/span><\/p>\n

Firstly, it is hosted in relatively shallow\u00a0reservoirs, meaning <\/span>ADX Energy (ASX:ADX)<\/a> won\u2019t have to drill too deep to find out if there\u2019s commercial gas present.<\/span><\/p>\n

It is also updip (in the same reservoirs) from the nearby Moln-1 gas discovery that intersected a gas column of at least 400m in 1989 and flowed 4 million cubic feet of gas per day during testing \u2013 a fact which considerably de-risks the upcoming Welchau-1 exploration well.<\/span><\/p>\n

Partner MCF Energy is also funding 50% of the drill costs \u2013 to a cap of \u20ac5.1m \u2013\u00a0in return for a 25% interest in the Welchau Investment Area, which serves to further reduce the company\u2019s risk.<\/span><\/p>\n

\u00a0<\/p>\n

Rig mobilisation expected soon<\/h2>\n

ADX now expects the RED Drilling & Services E202 drilling rig to become available on 14 February (rig released).<\/span><\/p>\n

It will then take about six days to be moved and assembled on the Welchau drill site, allowing drilling to start on 20 February.<\/span><\/p>\n

Drilling is expected to take about 39 days in the success case.<\/span><\/p>\n

\u00a0<\/p>\n\n

\ufeff<\/span>\u00a0<\/span><\/p>\n

This article was developed in collaboration with ADX Energy, a Stockhead advertiser at the time of publishing.\u00a0<\/span><\/p>\n

\u00a0<\/p>\n

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.<\/span><\/p>\n

<\/span><\/p>\n

The post ADX Energy is days away from drilling the potentially transformational Welchau gas prospect<\/a> appeared first on Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

ADX Energy is days out from drilling the giant, potentially transformational Welchau gas prospect Welchau could host 807Bcfe of gas, a valuable resource in Europe [more…]<\/a><\/p>\n","protected":false},"author":0,"featured_media":5707,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-5706","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"\nADX Energy is days away from drilling the potentially transformational Welchau gas prospect - 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=5706\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ADX Energy is days away from drilling the potentially transformational Welchau gas prospect - 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