{"id":8758,"date":"2024-04-24T03:46:00","date_gmt":"2024-04-24T03:46:00","guid":{"rendered":"https:\/\/economicherald.net\/?p=8758"},"modified":"2024-04-24T03:46:00","modified_gmt":"2024-04-24T03:46:00","slug":"an-offer-adx-cant-refuse-a-highly-prospective-gas-licence-offshore-italy-with-a-possible-proven-oil-redevelopment-project","status":"publish","type":"post","link":"https:\/\/economicherald.net\/?p=8758","title":{"rendered":"An offer ADX can\u2019t refuse: a highly prospective gas licence offshore Italy with a possible proven oil redevelopment project"},"content":{"rendered":"<p>ADX Energy secures grant of Italian gas permit in the Sicily Channel<br \/>\nPermit d 363C.R-.AX has prospective gas resource of 369Bcf of gas<br \/>\nPotential for reversion of 2018 legislation, which could lead to grant of oil rights which includes an oil resource of 34.1 MMbbls at the Nilde oil redevelopment project<\/p>\n<p>\u00a0<\/p>\n<p><strong><em>Special Report:<\/em> ADX Energy has been granted a gas exploration permit offshore Italy hosting five high graded prospects with best technical prospective resources of 369Bcf.<\/strong><\/p>\n<p>The permit sits in water depths of 90-100m about 60km southwest of Sicily and has proven oil prospectivity.<\/p>\n<p>It includes the Nilde oil field that produced 20.5 million barrels of oil in the 1980s, the additional Norma-1 and Naila-1 oil discovery wells, as well as five oil exploration leads.<\/p>\n<p>Of immediate \u00a0interest at this stage to <a href=\"https:\/\/stockhead.com.au\/company\/adx-energy-adx\/\"><strong>ADX Energy (ASX:ADX)<\/strong><\/a> is the permit\u2019s gas prospectivity, with the company noting that the five high graded prospects are considered to be relatively low risk as they are simple four-way dip anticline closures featuring a seismic amplitude response commonly known as direct hydrocarbon indicators.<\/p>\n<p>The potential to uncover gas is encouraging given the strong demand for the commodity in the European Union but additional oil potential may be soon in the mix.<\/p>\n<p>\u00a0<\/p>\n\n<p>The d 363 C.R-.AX permit. Pic: ADX Energy<\/p>\n<p>\u00a0<\/p>\n<p><strong>\u00a0<\/strong><\/p>\n<h2><strong>Gas rights in, oil rights next?<\/strong><\/h2>\n<p>The grant of the gas rights for d 363C.R-.AX follows the Italian ministry completing a technical, financial, and organisational capacity verification procedure.<\/p>\n<p>There is also potential for a reversion to the 2018 legislative position which would enable the oil potential to be exploited alongside any gas that might be found.<\/p>\n<p>ADX\u2019s permit currently has a contingent resource \u2013 discovered hydrocarbons that are not considered mature enough for commercial development \u2013 ranging from 19.2 million barrels (MMbbl) of oil to 65.6MMbbl and a prospective oil resource of 40-201MMbbl.<\/p>\n<p>\u201cThe grant of the gas rights within the d 363 C.R- .AX permit is a highly positive development for ADX,\u201d executive chairman Ian Tchacos said.<\/p>\n<p>\u201cThe potential reversion of oil rights presents a valuable opportunity to redevelop the proven Nilde oil field together with a number of other highly prospective oil discoveries which can be developed with now commonplace subsea technology.<\/p>\n<p>\u201cThe recognition of the importance of hydrocarbons to maintain energy security is a recurring theme in a number of jurisdictions.<\/p>\n<p>\u201cIt is a credit to our team that the granting of the gas rights has been made possible as a result of ADX financial, technical and organisational capability.\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\/an-offer-adx-cant-refuse-a-highly-prospective-gas-licence-offshore-italy-with-a-possible-proven-oil-redevelopment-project\/\">An offer ADX can\u2019t refuse: a highly prospective gas licence offshore Italy with a possible proven oil redevelopment project<\/a> appeared first on <a href=\"https:\/\/stockhead.com.au\/\">Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"<p>ADX Energy secures grant of Italian gas permit in the Sicily Channel Permit d 363C.R-.AX has prospective gas resource of 369Bcf of gas Potential for <a href=\"https:\/\/economicherald.net\/?p=8758\" class=\"read-more-link\">[more&#8230;]<\/a><\/p>\n","protected":false},"author":0,"featured_media":8759,"comment_status":"","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-8758","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - 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