ADX adds three Austrian gas prospects as PERG oil target expands

ADX Energy Ltd (ASX:ADX) has expanded its Upper Austria prospect inventory to 28 drillable targets, with the portfolio now carrying 578.8 BCF of net mean prospective gas resources and 58.8 MMBBL of net mean prospective oil resources. The update adds three shallow gas prospects, increases the estimates for near-field oil targets around the Anshof field and lifts the BUCH gas prospect by 25%.

PERG Upgrade Creates the Nearest Oil Catalyst

The most immediate resource change is at PERG, an oil prospect near Anshof. Its mean prospective resource estimate has risen from 2.4 MMBBL to 6.1 MMBBL, which ADX attributes primarily to improved confidence in the structural interpretation and fault analysis. The prospect is being permitted for drilling in 2027, and the company says the upgrade has generated strong farm-in interest.

PERG sits within the Anshof near-field oil play, alongside the SGB appraisal prospect, whose mean prospective resource estimate has increased by 25% to 1.7 MMBOE. ADX says these targets could use the Anshof oil field’s 3,000-barrel-per-day processing facility, giving the near-field portfolio a defined infrastructure angle rather than leaving it as a purely frontier exploration story.

Three New Shallow Gas Targets Join GOLD-1

“Upper Austria map showing the location of the twenty-eight prospects included in the 2026 Prospect Inventory.”

The shallow gas portfolio now includes SAND, FUCHS and EHRE, all located in the 100%-owned portion of the ADX-AT-I licence and close to existing infrastructure. Together with HASE, the additions are based on seismic direct hydrocarbon indicators and structural or stratigraphic traps. The shallow gas subtotal stands at 45.1 BCF of net mean prospective resources.

The campaign has a near-term well attached to it. ADX plans to drill GOLD-1 in January 2027, following the earlier HOCH-1 gas discovery, which encountered and tested biogenic gas in multiple reservoirs. The company reported a commingled Phase 1 flow rate of 3.15 MMCFPD from four reservoirs, but the new inventory remains prospective: its volumes relate to undiscovered accumulations and carry both discovery and development risk.

Welchau and Sub-Flysch Hold the Larger Gas Stakes

The biggest individual gas number remains Welchau Deep, estimated at 387.4 BCF of gross mean prospective gas resources, plus 13.6 MMBBL of condensate. ADX is continuing technical work, drilling planning and permitting, with a Q4 2027 slot targeted for assessing the deeper resource through the Welchau-1 well. The Welchau and Rossberg oil prospects together carry 37.3 MMBBL of gross mean prospective oil resources.

Deeper Sub-Flysch prospects add another 251.8 BCF of gross mean prospective gas resources across four targets. ADX has completed 3D seismic reprocessing in the underexplored play, which it says should improve imaging and may identify additional prospects. In the Molasse play, BUCH has risen to 9.5 BCF of net mean prospective gas resources, supported by detailed seismic mapping and a review of nearby production data.

Resource Scale Still Depends on Drilling

The headline totals are arithmetic aggregations of unrisked prospective resources under the SPE-PRMS framework. They are not reserves, discovered resources or production guidance, and the company cautions that further exploration, appraisal, evaluation and development work is required before recoverable volumes can be established. The portfolio’s investment case therefore turns less on the size of the inventory than on whether the 2027 drilling sequence converts selected prospects into discoveries and commercially usable resources.