In today’s briefing:
- ADX Energy (ASX: ADX): Narrowing uncertainty and resources range at Anshof
- ADX Energy (ASX: ADX): Adding further exploration prospects with MND to the FY24 programme
- Auctus on Friday – 08/12/2023
ADX Energy (ASX: ADX): Narrowing uncertainty and resources range at Anshof
- • The Anshof-2 well encountered high quality Eocene sands with at least 12 metres vertical thickness and porosity of ~20%. • The top of the Eocene sand was encountered ~40-50 m higher than expected, suggesting a much larger and flatter structure than expected in the P50 case. • The better-than-expected reservoir quality and thicker sands suggest better well deliverability and higher flow rates, which result in a higher production plateau and lower development cost with a positive impact on NPV.
ADX Energy (ASX: ADX): Adding further exploration prospects with MND to the FY24 programme
- • ADX has farmed out a 50% interest in an exploration area with in the ADX AT I licence to MND in return for a A$0.73 mm back costs payment plus A$7.34 mm funding in exploration drilling. • The exploration area farmed-out to MND includes the LICHT and IRR gas prospects. • The LICHT prospect location (16.2 bcf gross best case prospective resources) has already received a drilling permit including the environmental clearance.
Auctus on Friday – 08/12/2023
- ________________________________________ ADX Energy (ADX AU)C; target price of A$0.80 per share: Adding further exploration prospects in FY24 – ADX has farmed out a 50% interest in an exploration area within the ADX AT I licence to MND in return for a A$0.73 mm back costs payment plus A$7.34 mm funding in exploration drilling.
- The exploration area farmed-out to MND includes the LICHT and IRR gas prospects.
- The cash and carry component alone values 10% of the project at US$220 mm or US$440 mm for Chariot’s residual 20% interest (£0.31/sh).
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