An independent review of the Anshof and OHO prospects in the ADX-AT-II and ADX-AT-I exploration licenses in Upper Austria has been undertaken by RISC Advisory.

RISC has reviewed the prospective resource and risk assessment for the Anshof and OHO Prospects and finds them to be reasonable.

RISC assessed that the mean un-risked Prospective Resource for the Anshof prospect is 6.6 Million Barrels of Oil Equivalent ("MMBOE")(including the primary Eocene target only) and the probability of success is 43%.

RISC has also assessed that the mean un-risked Prospective Resource for the OHO prospect is 17.0 MMBOE for the oil case and 20.4 MMBOE for the gas case and the probability of success is 24%.

ADX holds a 100% equity interest ADX-AT-I and ADX-AT-II licenses which contain the Anshof and OHO prospects.

The Anshof and OHO prospects both have approved drilling locations, are proximal to infrastructure enabling rapid development and are highly valuable in the success case.

In the case of the upcoming Anshof well, a pipeline bundle for accessing oil, gas and water processing is only 60 metres from planned Anshof-1 drilling location.

ADX Executive Chairman, Mr Ian Tchacos, said, 
"The Board of ADX is very encouraged by RISC's endorsement of the technical work undertaken by ADX prior to the commencement of our Upper Austrian Exploration Program. The Anshof and OHO prospects are not only very valuable they also provide the potential for a rapid pathway to substantial additional cashflow due to the access to processing and transport infrastructure. Success at either prospect will de-risk substantial follow up opportunities in each of the licenses.

KeyFacts Energy: ADX Energy Austria country profile