Highlights

  • ADX Energy shares rose 4.17% on 18 June 2026 following a production testing update from the HOCH-1 gas well in Austria.
  • The first perforated interval at HOCH-1 delivered an average clean-up flow rate of 2.8 million cubic feet of gas per day.
  • The flow rate equates to approximately 467 barrels of oil equivalent per day (boepd) on a 16/64-inch choke.
  • The well recorded a flowing wellhead pressure of 940 psi, which the company said was continuing to rise during testing.
  • HOCH-1 is the first of three shallow gas prospects planned for drilling within ADX Energy’s Upper Austria exploration program.

Shares of ADX Energy Ltd (ASX:ADX) traded 4.17% higher at AUD 0.025 during the morning session on 18 June 2026 after the company announced initial production testing results from its HOCH-1 shallow gas exploration well in Upper Austria.

The market reaction followed the release of data from the first gas-bearing interval tested at the well, where ADX reported an average clean-up flow rate of 2.8 million cubic feet per day. The result came from the first perforated zone within the Hall Formation and represented the first production testing outcome from the broader HOCH-1 evaluation program.

While the stock remains down approximately 16.67% over the past 12 months, investors appeared encouraged by the latest operational milestone as ADX progresses testing activities across multiple gas-bearing intervals identified in the well.

About ADX Energy

ADX Energy is an oil and gas exploration and production company with operations focused primarily on Europe. The company maintains interests in exploration, appraisal and production assets, with a particular emphasis on projects located in Austria.

Its current Upper Austria exploration program is aimed at evaluating shallow gas opportunities within the ADX-AT-I exploration licence area. The HOCH-1 well forms part of this broader strategy and represents the first of three shallow gas prospects scheduled for drilling within the region.

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

First Test Zone Delivers Gas Flow at HOCH-1

The company's latest announcement centred on the testing of the first gas-bearing interval within the HOCH-1 well.

According to ADX, the first perforated sand interval, referred to as Zone 1, is located at a depth of approximately 1,465 metres within a Basin Floor Fan reservoir. During clean-up flow testing, the interval delivered an average gas flow rate of 2.8 million cubic feet per day.

The company stated that the flow was achieved through a relatively small 16/64-inch choke and corresponded to approximately 467 barrels of oil equivalent per day.

In addition to the flow rate, the well recorded a flowing wellhead pressure of 940 pounds per square inch (psi), with pressure continuing to increase during the testing process.

The initial test was also reported as water-free, an outcome that ADX described as supportive of the reservoir's inflow performance.

Testing Program Moves Into Evaluation Phase

The current flow results represent only one stage of the broader testing program being undertaken at HOCH-1.

Following the clean-up flow period, ADX plans to deploy downhole pressure gauges within the well to collect additional reservoir data. The company intends to produce Zone 1 at one or more stable flow rates for approximately 14 hours before shutting the well in.

After the shut-in period begins, pressure build-up data will be recorded over roughly two weeks.

The objective of this phase is to assess the reservoir's connected volume and geographical extent. Data collected from the pressure response will also be used to estimate the reserve potential associated with the tested gas sand interval.

Management indicated that the information gathered from this process will help determine the commercial significance of the zone before additional intervals are evaluated.

Multiple Gas Reservoirs Identified in Well

The HOCH-1 well was drilled, cased and completed on 15 May 2026 within the ADX-AT-I exploration licence area in Upper Austria.

During drilling operations and subsequent logging activities, the company identified indications of as many as eight potential gas reservoirs across the Hall Formation and Base Hall Formation.

The presence of multiple gas-bearing intervals has led ADX to design a staged testing program aimed at evaluating each zone separately.

The company noted that the current testing campaign is being conducted in two phases. The first phase focuses on the upper Hall Formation, while the second phase is intended to evaluate targets within the deeper Base Hall Formation.

Several Additional Zones Remain to Be Tested

Zone 1 represents only the first interval examined within the initial testing phase.

ADX stated that the first phase may include testing of up to three firm zones, with the possibility of evaluating a fourth contingent target depending on results obtained during the program.

The company plans to perforate individual sand intervals sequentially. Each interval will undergo a clean-up flow period before decisions are made regarding subsequent testing activities.

Management indicated that the duration of future flow periods and the order of testing will depend on the performance characteristics observed in each zone.

As a result, investors are likely to focus on future operational updates as ADX progresses through the remaining intervals identified in the well.

HOCH-1 Forms Part of Broader Austria Growth Program

The HOCH-1 well is a key component of ADX Energy's ongoing exploration activities in Upper Austria.

Importantly, the project represents the first of three shallow gas prospects that the company plans to drill within the region. ADX confirmed that two additional gas prospects have already received drilling permits for 2026.

This means the results from HOCH-1 may provide valuable technical information for the wider exploration campaign as the company continues evaluating its prospect inventory across the licence area.

The broader program is designed to assess multiple shallow gas opportunities within a region where ADX has built an exploration portfolio over several years.

What Investors Are Watching Next

Although the initial clean-up flow results attracted market attention, the next phase of testing may be equally important.

Investors are expected to monitor the pressure build-up analysis scheduled over the coming weeks, as this process is intended to provide information regarding reservoir size, connectivity and reserve potential.

Further testing results from additional zones within the Hall Formation could also offer greater insight into the overall resource potential of the HOCH-1 well.

Beyond the current well, attention may also turn to the remaining permitted shallow gas prospects within the company's Upper Austria drilling program as operational activities continue through 2026.

For now, the positive initial flow outcome from Zone 1 appears to have supported investor sentiment, contributing to the share price increase seen on 18 June 2026.

What This Means for Investors

ADX Energy's latest update marked an important operational milestone within its Austrian exploration program. The first tested interval at HOCH-1 delivered a clean-up flow rate of 2.8 million cubic feet per day, equivalent to approximately 467 boepd, while maintaining a flowing wellhead pressure of 940 psi.

The company has identified multiple potential gas reservoirs within the well and still has several zones remaining to be evaluated. Upcoming pressure analysis and additional testing activities are expected to provide further information regarding reservoir extent and reserve potential. The combination of encouraging initial flow results and a broader multi-well exploration program appears to have contributed to the share price gains recorded during the trading session.