ADX Energy Begins Drilling HOCH-1 Well Targeting Up to 17.3 BCF in Austria

Drilling Underway at HOCH-1 with Strong Resource Potential

ADX Energy Ltd (ASX:ADX) has officially commenced drilling its HOCH-1 shallow gas exploration well in Upper Austria, marking a key operational milestone for the company’s 2026 exploration program. The well spudded on 16 April 2026 using the MND Drilling & Services MD-150 rig and had reached a measured depth of 96 metres by 19 April. Drilling is planned to continue to approximately 1430 metres, targeting the Miocene-aged Hall formation sandstones known for their high productivity.

The HOCH prospect carries a mean prospective resource estimate of 8.0 billion cubic feet (BCF) and a high case of 17.3 BCF, positioning it as a potentially significant contributor to ADX’s resource base. These figures are unrisked and contingent on successful drilling and evaluation, but the geological setting and seismic data suggest a high chance of success. Nearby wells in similar formations have recorded initial production rates up to 9 million standard cubic feet per day (mmscf/d), equating to around 1,500 barrels of oil equivalent per day.

Strategic Positioning in Upper Austria’s Shallow Gas Play

HOCH-1 is the first of three permitted shallow gas prospects ADX plans to drill in 2026 within the ADX-AT-I exploration licence, where the company holds a 50% economic interest and operates the project. The well’s location benefits from proximity to existing open access pipeline infrastructure, just 2 kilometres from the drill site, which could facilitate rapid commercialisation if hydrocarbons are discovered.

The shallow depth of the well, only about 1430 metres measured depth, and the potential to develop a cluster of gas discoveries including the nearby SCHOE prospect enhance the economic appeal. At current European gas prices, an 8 BCF discovery could generate gross revenues exceeding EUR 120 million, underscoring the value of the project amid a tightening gas supply landscape.

Technical Confidence Backed by Seismic and Historical Data

The HOCH-1 well targets a stratigraphic pinch-out trap within the Hall formation, supported by high-resolution 3D seismic data showing direct hydrocarbon indications and class 3 amplitude versus offset (AVO) responses. This modern seismic insight contrasts with older wells in the region, some of which encountered only shales or marls due to less precise targeting. The technical director of ADX, Paul Fink, has reviewed the data and considers the resource estimates fairly represented, lending further credibility to the prospect’s potential.

Future operations include drilling ahead to 430 metres before running and cementing 7-inch casing, then drilling the remaining section to total depth. The well is expected to take approximately 14 days to drill and evaluate under a success case scenario, with plans to case and suspend the well for production testing if hydrocarbons are encountered.

This drilling commencement follows the recent rig mobilisation for HOCH-1 well, highlighting ADX’s steady progress in advancing its Austrian shallow gas portfolio.