ADX Energy Secures Rig and Begins Site Construction for GOLD-1 Gas Well, Drilling Set for January 2027

Aakashdeep

12 November 2026 11:34 AM AEDT

ADX Energy Secures Rig and Begins Site Construction for GOLD-1 Gas Well, Drilling Set for January 2027

Image Source: Krish Capital Pty Ltd

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ADX Energy Ltd (ASX:ADX) has contracted the MND Drilling & Services rig to commence mobilisation on 4 January 2027 for the GOLD-1 shallow gas exploration well in Upper Austria, with well site construction underway and expected to be completed by the end of November 2026.

Key Points

MND Drilling & Services rig contracted to mobilise on 4 January 2027, with a 14-day drilling program duration.
ADX Energy holds a 100% economic interest in the GOLD Cluster Area within the ADX-AT-II exploration licence in Upper Austria.
Empyrean Energy plc will earn a 10% economic interest in the GOLD Cluster Area by funding 20% of GOLD-1 well drilling, testing and completion costs.
The GOLD prospect has a Mean Prospective Resource potential of 8.3 BCF.
Based on a gas price of EUR 35 per MWh, estimated net revenue for the project is EUR 34.8 million for an investment of EUR 3.7 million.

GOLD-1 Well Location and Drilling Program

The GOLD-1 shallow gas exploration well will be drilled in the GOLD Cluster Area within the ADX-AT-II exploration licence in Upper Austria, with ADX Energy acting as operator and holding a 100% economic interest in the area. The well will target highly productive shallow gas reservoirs within Miocene aged sandstones of the Hall formation, basin floor submarine fan. The GOLD-1 well specifically targets two out of three reservoirs of a deltaic system, identified as the "A" and "C" reservoirs, with seismic amplitudes described in the filing as diagnostic of gas supporting a high chance of technical success.

Empyrean Energy Farm-In and Additional Due Diligence Parties

Under the terms of an Energy Investment Agreement, Empyrean Energy plc will earn a 10% economic interest in the GOLD Cluster Area by funding 20% of the GOLD-1 well drilling, testing and completion costs. The filing also states that several other companies are at various stages of due diligence to earn an economic interest in the GOLD Cluster Area by providing funding for the GOLD-1 well. ADX Energy currently retains its 100% economic interest in the licence area, with the Empyrean farm-in arrangement representing the disclosed partial divestment of that interest.

Project Economics and Prospective Resource Estimate

The GOLD prospect carries a Mean Prospective Resource potential of 8.3 BCF, as disclosed in a filing dated 9 November 2026. The economic summary provided in the filing is based on a gas price of EUR 35 per MWh and indicates estimated net revenue of EUR 34.8 million for an investment of EUR 3.7 million. The filing additionally notes that at current European gas prices of EUR 86 per MWh, an 8 BCF discovery would generate approximately EUR 220 million in sales revenue. Factors cited in the filing contributing to the economic assessment include shallow drill depths, proximity to open access pipeline infrastructure, and the potential to create development clusters using shared infrastructure.

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