ADX Energy today announced the results of the competent person’s report undertaken by independent consultants RISC (“RISC CPR”). RISC was engaged to audit the developed Reserves held by the ADX Energy at the Zistersdorf Field and Gaiselberg Field in the Vienna Basin, Austria in which ADX holds at a 100% operated interest.

The effective date of the RISC CPR is 1 July 2021. The developed Reserves have been classified as producing and non-producing. The developed producing Reserves comprise oil and gas quantities from existing producing wells and non-producing developed Reserves are from behind pipe reservoirs in existing wells which will become producing reserves once these wells have been perforated to access and produce intersected oil and gas. 

Reserves adjusted to 1 July 2021 are calculated by deducting production from 31 December 2019 to 1 July 2021. A positive variance of 215% and 154% respectively is estimated for the 1P and 2P developed reserves categories between the RISC CPR reserves announced in this release and the ADX previously reported CPR on 5 November 2020. The RISC CPR net present values (“NPV”) are shown for future Field cash flows for the corresponding reserves cases. 

A summary of the findings of the RISC CPR are summarised as follows:

• 1P (Proven) developed reserves estimate of 1,190,000 barrels of oil equivalent - an increase of 215% compared to a previous Field audit announced on 5 November 2020;
• 2P (Proven + Probable) developed reserves estimate of 1,850,000 barrels of oil equivalent - an increase of 154% compared to a previous Field audit announced on 5 November 2020); and
• The estimated Net Present Value of the 1P and 2P reserves respectively is EUR 5.7 million (approximately A$ 8.7 million) and EUR 15.9 million (approximately A$ 24.4 million).

The increase in the audited reserves is based on recompletion opportunities accessing behind pipe reserves in existing wells identified from an ADX full field geological and reservoir simulation model as well as better than forecast Field production performance since the previous independent audit.

ADX Executive Chairman, Mr Ian Tchacos, said, 
“The RISC CPR results confirm that the developed Reserves and production potential of ADX’ Gaiselberg and Zistersdorf fields significantly exceed previous expectation. Ongoing field performance and ADX’ technical studies which have been supported by RISC indicate that substantial behind pipe potential in existing wells can be accessed at low cost to increase reserves, future production and value from the fields. While the assets are mature, they are very well maintained with adherence to the highest environmental and emission standards. The assets also provide the opportunity to create further value for shareholders and provide environmental benefits through the future deployment of the Vienna Basin Hydrogen Production and Storage project, there by delivering value from the Vienna Basin Fields for many years to come.”

KeyFacts Energy: ADX Energy Austria country profile