Australian company ADX Energy has closed a strategic deal that strengthens its operational presence in Austria. Through its subsidiary Kathari Energia GmbH, the company has acquired Xstate Resources’ 20% economic interest in the Anshof oilfield area. With this transaction, ADX raises its stake from 50% to 70% on a cash-free basis.
Increased production and greater control of the Anshof field
Thanks to this move, ADX’s participation in the Anshof-3 well rises to 70%, while in Anshof-2A it reaches 60%. This translates into an increase in production for the company, which rises from 58 to 72 barrels per day at Anshof and brings its total production in Austria to 307 barrels equivalent per day.
[post_relacionado]The company informed that the transaction is still subject to the consent of the remaining partner MND Austria a.s. that the transaction is still subject to the consent of the remaining partner MND Austria a.s. and is done by offsetting debts that Xstate held with ADX for €547,075. Xstate had entered the project in 2021 under a farmin agreement that was subsequently replaced by a silent partnership.
The Anshof area includes two producing wells, a 25 km2 production license and a permanent facility with a processing capacity of 3,000 barrels per day. This infrastructure, which is remotely controlled by automated automated systemsThis infrastructure, remotely controlled by automated systems, positions ADX with clear logistical advantages for future developments in the region.
In addition to the cash flow reinforcement, the company is committed to capitalizing on the Eocene oil exploration potential in the Anshof area, where it holds a 100% interest in nearby areas.
Ian Tchacos, CEO of ADX, noted that the acquisition strengthens ADX’s regional growth strategy by consolidating assets without compromising liquidity.
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Source: ADX Energy
Photo: shutterstock