Highlights

  • ADX Energy shares rose 3.12% to AUD 0.033 on 8 May 2026, as investors reacted positively to the latest operational update.
  • The company reported six additional gas sand intervals at the HOCH-1 well in Austria.
  • The well has now been drilled to a measured depth of 1,619 metres.
  • Wireline logging was delayed after the decision to deepen the well.
  • Quick-look logging analysis is expected on 9 May 2026.
  • ADX said the well may move toward casing and production testing if logging confirms current drilling results.

ADX Energy Ltd (ASX:ADX) shares moved higher during the afternoon session on 8 May 2026 after the company provided an operational update from its HOCH-1 shallow gas exploration well in Upper Austria, where additional gas intervals were identified below the primary target zone.

The stock gained 3.12% to AUD 0.033 following the announcement and remains around 10% higher over the past 12 months, with investors appearing to respond positively to continued drilling progress and the identification of further gas-bearing sands within the exploration well.

ADX stated that the HOCH-1 well encountered six additional thin gas sand intervals beneath the previously reported Hall Formation target interval, prompting the company to deepen the well before commencing logging operations.

The company noted that the latest findings may add further economic interest to the overall prospect, particularly given similar nearby reservoirs have historically contributed meaningfully to production and reserves within the Basin.

Company Overview

ADX Energy Ltd is an oil and gas exploration and production company focused on energy projects primarily located in Europe.

The company’s portfolio includes exploration, appraisal and production Assets across Austria and other regional energy markets.

ADX targets conventional oil and gas opportunities with existing infrastructure access and established hydrocarbon systems.

The company’s Austrian operations focus on shallow gas exploration projects with potential near-term development opportunities.

Additional Gas Intervals Extend HOCH-1 Potential

According to ADX, six additional gas-bearing sands approximately one to two metres thick were identified below the previously reported Hall Formation interval between 1,354 metres and 1,368 metres measured depth.

The company stated that these intervals were interpreted based on drilling cuttings and elevated gas concentrations recorded in the drilling mud during operations.

The HOCH-1 well was drilled deeper to a measured depth of 1,619 metres as of 7 May 2026 in preparation for wireline logging of the 6 1/8 inch hole section.

ADX explained that the decision to deepen the well resulted in a slight delay to the previously scheduled logging program, which is now expected to proceed on 8 May 2026.

Management stated that the wireline logging process is designed to assess:
• reservoir quality
• net reservoir thickness
• gas saturation levels

The company currently expects preliminary “quick-look” logging analysis to become available on 9 May 2026.

Potential Path Toward Production Testing

ADX noted that if wireline logging confirms the drilling results reported so far, the company plans to case and complete the well in preparation for production testing.

Production testing would then be used to determine:
• reservoir productivity
• flow characteristics
• minimum reserve potential associated with the discovery

The company stated that production testing would commence following mobilisation of a testing spread.

Management also confirmed that further operational updates will continue to be released as logging and testing results become available.

HOCH-1 Forms Part of Broader Austrian Drilling Campaign

The HOCH-1 exploration well is located within the ADX-AT-I exploration licence area in Upper Austria.

ADX is the operator of the project and holds a 50% economic interest in the HOCH prospect.

The well represents the first of three shallow gas prospects planned for drilling in Austria during 2026, with two additional gas prospects already permitted for drilling later this year.

Management stated that the HOCH-1 well specifically targets highly productive shallow gas reservoirs located within Miocene-aged sandstones of the Hall Formation.

According to the company, analogous Hall Formation wells in the surrounding basin have historically delivered initial production rates of up to 9 million standard cubic feet of gas per day, equivalent to approximately 1,500 barrels of oil equivalent per day.

Resource Potential Remains Significant

ADX reiterated that the HOCH prospect currently carries:
• a mean prospective resource estimate of 8.0 BCF
• a high-case prospective resource estimate of 17.3 BCF

The company also clarified that the deeper Base Hall formation intervals recently encountered are not included within the original pre-drill resource estimates.

Management stated that the additional gas sands identified below the primary target may therefore provide further upside potential beyond the previously defined prospect size.

However, ADX also reminded investors that prospective resources remain estimates relating to undiscovered accumulations and involve both exploration and development risk.

Further appraisal and testing will be required before any potentially recoverable Hydrocarbons can be confirmed.

Management Highlights Encouraging Progress

ADX Executive Chairman Ian Tchacos described the latest drilling results as encouraging for both ADX and its project partner.

According to management, the thinner and deeper Base Hall formations encountered below the primary Basin Floor target remain economically relevant due to similarities with productive nearby wells.

The company indicated that analogous reservoirs elsewhere in the basin have contributed meaningfully to both reserves and production rates.

Mr Tchacos also stated that additional reporting related to the logging program is expected after the weekend, while a production testing program could potentially follow within several weeks depending on results.

Broader Market Focus on European Gas Opportunities

The HOCH-1 project forms part of ADX’s broader strategy of targeting shallow conventional gas opportunities within Austria.

European gas exploration activity has continued attracting attention amid ongoing regional energy security priorities and Demand for domestic energy Supply alternatives.

ADX’s Austrian portfolio focuses on relatively shallow conventional reservoirs with existing regional production history and nearby infrastructure support.

The company believes this approach may provide shorter-cycle development opportunities compared with larger frontier exploration projects.

Operational Timeline and Next Steps

The immediate focus for investors is likely to remain on the pending wireline logging program and the quick-look analysis expected on 9 May 2026.

These results are expected to provide greater clarity around:
• reservoir characteristics
• gas saturation
• potential net pay thickness
• broader commercial potential of the discovery

If logging confirms the current drilling observations, the market may then shift attention toward production testing outcomes and flow-rate performance.

ADX also continues preparing for additional drilling activity within its broader Austrian exploration campaign later this year.