ADX Energy ASX:ADX Stock Report

Price target decreased to AU$0.055

Down from AU$0.06, the current price target is provided by 1 analyst. New target price is 686% above last closing price of AU$0.007. Stock is down 13% over the past year. The company posted a net loss per share of AU$0.0016 last year.

ADX Energy Ltd Provides Anshof-3 Well Test Results Update

Price target increased to AU$0.055

Up from AU$0.04, the current price target is provided by 1 analyst. New target price is 686% above last closing price of AU$0.007. Stock is down 30% over the past year. The company posted a net loss per share of AU$0.0016 last year.

ADX Energy Ltd Announces Anshof-3 Well Flows Clean Oil to Surface

ADX Energy Ltd. advised that water free light crude oil (32° API) flows have been recorded at the Anshof-3 well in the ADX-AT-II license in Upper Austria during testing of the Eocene oil zone. Oil was produced to surface at an approximate rate of 75 barrels of oil per day during two flow periods from the 6 metre gross Eocene reservoir oil column intersected at the Anshof-3 well. The well has been shut in after each flow period to record a pressure build up in the well which is expected to provide further information in relation to the production capacity and possible drainage volumes from the well. Well productivity in the well was at the upper end of expectation for the relatively thin net pay reservoir thickness encountered at the crest of the Anshof structure. Oil rates in subsequent appraisal wells planned on the eastern flank of the structure where the Eocene reservoirs are expected to thicken are likely to result in significantly higher production rates. The Anshof well flowed during the test without any acidization required to overcome reservoir damage from drilling. Acidisation has been routinely deployed in offset wells which has resulted in substantial increases in production rates. At the completion of flow testing and the recording of pressure build up data the well will be acidized to enhance production rates. Following acidization production tubing will be run in the well together with a down hole pump in preparation for commercial production. Eocene oils produced in the area typically have a low gas oil ratio and require pumping. Planning has also commenced to install an early production testing processing facility for interim commercial production which will delivered by truck to a nearby oil terminal for transportation and sale. Interim production of up to 37,000 barrels (approximately 100 barrels per day for a period of one year) is allowed under Austrian legislation prior to finalising a production license for the entire discovery area which ADX has mapped to extend over an area of approximately 24 km². Further well testing results: Further well testing results will be provided to shareholders following the analysis of flow data and pressure build up data recorded in the well from multiple flow and shut in periods.