{"id":6353,"date":"2024-02-26T04:16:30","date_gmt":"2024-02-26T04:16:30","guid":{"rendered":"https:\/\/economicherald.net\/?p=6353"},"modified":"2024-02-26T04:16:30","modified_gmt":"2024-02-26T04:16:30","slug":"adx-energy-drilling-key-welchau-1-gas-well-in-upper-austria","status":"publish","type":"post","link":"https:\/\/economicherald.net\/?p=6353","title":{"rendered":"ADX Energy drilling key Welchau-1 gas well in Upper Austria"},"content":{"rendered":"<p>ADX Energy spuds Welchau-1 well targeting 807Bcfe of gas in Upper Austria<br \/>\nDrilling expected to take 39 days to complete in the event of success<br \/>\nA successful discovery will have no shortage of keen gas buyers<\/p>\n<p>\u00a0<\/p>\n<p><strong><em>Special Report:<\/em> ADX Energy has spudded the potentially transformational Welchau-1 gas well in Upper Austria to test a giant prospect which could host up to 807 billion cubic feet equivalent of gas.<\/strong><\/p>\n<p>Welchau is hosted in relatively shallow\u00a0reservoirs updip of 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.<\/p>\n<p>Success will be hugely significant for <a href=\"https:\/\/stockhead.com.au\/company\/adx-energy-adx\/\"><strong>ADX Energy (ASX:ADX)<\/strong><\/a> as every single Bcf of gas \u2013 capable of powering more than 24,000 average homes for a year \u2013 which Europe can get from a local source is one Bcf less <a href=\"https:\/\/stockhead.com.au\/energy\/adx-energy-poised-to-drill-key-gas-well-that-could-help-feed-europes-hunger-for-energy\/\"><strong>the energy-hungry region<\/strong><\/a> needs to source from expensive LNG.<\/p>\n<p>Risks are also mitigated by partner MCF Energy, which is funding 50% of the drill costs \u2013 to a cap of \u20ac5.1 million \u2013 to earn a 25% interest in the field.<\/p>\n<p>\u00a0<\/p>\n<h2><strong>Drilling now under way<\/strong><\/h2>\n<p>Drilling of the Welchau-1 well in the ADX-AT-II exploration licence by the <a href=\"https:\/\/stockhead.com.au\/energy\/rig-mobilised-to-spud-adx-energys-big-welchau-gas-prospect\/\"><strong>RED Drilling &amp; Services E200 rig<\/strong><\/a> is now under way.<\/p>\n<p>Operations are expected to take about 39 days in the success case.<\/p>\n<p>\u201cThe board of ADX is very pleased to confirm the commencement of drilling at the Welchau-1 well,\u201d ADX executive chairman Ian Tchacos said.<\/p>\n<p>\u201cThe Welchau-1 well has attracted extensive media attention.<\/p>\n<p>\u201cImportantly, Austrian news reports are very positive due to a growing recognition of the importance of gas exploration in Austria to provide security of supply, economic benefit and lessen the dependence on Russian gas imports.\u201d<\/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-drilling-key-welchau-1-gas-well-in-upper-austria\/\">ADX Energy drilling key Welchau-1 gas well in Upper Austria<\/a> appeared first on <a href=\"https:\/\/stockhead.com.au\/\">Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"<p>ADX Energy spuds Welchau-1 well targeting 807Bcfe of gas in Upper Austria Drilling expected to take 39 days to complete in the event of success <a href=\"https:\/\/economicherald.net\/?p=6353\" class=\"read-more-link\">[more&#8230;]<\/a><\/p>\n","protected":false},"author":0,"featured_media":6354,"comment_status":"","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-6353","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 - 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