The well work program was completed at a cost of EUR183,000 that included repair work on two wells and the perforation of previously inaccessible reserves from behind pipe.
As an indication of the ability to extend the life of older oil and gas fields, ADX has now increased production from the Gaiselberg and Zistersdorf fields by ten per cent across combined production since purchase. Incredibly, Zistersdorf and Gaiselberg have been in production since prior to World War II, way back in 1938. These old European fields with thinly stacked reservoirs are full of complexity that can be exploited with a patient approach to production and life-extending new work.
With ADX managing to increase production at a time of sharply rising oil and gas prices, the company’s bottom line will likely reap the benefits.
ADX acquired the Zisterdorf/Gaiselberg production facilities in 2019 and since then has worked to improve and sustain profitable production from the complex long lived producing oil and gas fields located in central Europe. Operating under self-imposed highest operations standards, ADX has been continuing to improve both production and profits flowing from Austria.
Given the current squeeze on European gas brought on by regional geo-political upheaval, the market will likely warmly welcome any improved production figures from Gaiselberg and Zistersdorf fields. ADX will be hoping it is a sign of things to come as it waits for results from the upcoming testing of its Anshof 3 discovery.
