ADX Energy Ltd (ASX:ADX), an oil and gas exploration and production company with assets primarily across Europe, has released its Activities Report for the quarter ended 31 March 2026, showcasing increased production rates and significant exploration advancements. The company reported an average net production rate of 200 barrels of oil equivalent per day (BOEPD), a 44% increase from the previous quarter. This was supported by a 27% rise in average Brent oil prices to US$80.61 per barrel, contributing to a 31% increase in sales revenue, which reached A$2.1 million. Unrestricted cash stood at A$4.9 million at quarter-end.
Operationally, ADX Energy progressed several key projects in Austria. A well workover program recommenced in the Vienna Basin Fields to restore production. Testing at Welchau-1 recovered live oil, confirming an updip light oil accumulation and leading to an updated resource estimate of 387 BCF P(mean) prospective gas and 31 MMBBL P(mean) prospective light oil and condensate resources. The HOCH-1 shallow gas prospect, with 8 BCF P(mean) prospective resources, successfully spudded on 16 April 2026, and permitting was completed for two additional shallow gas prospects. In Italy’s Sicily Channel, data acquisition and prospect maturation are ongoing, preparing for an independent expert’s review of 619 BCF P(mean) prospective resources.
Financially, the company successfully completed an oversubscribed equity placement, raising A$4.4 million before costs, to fund ongoing asset development activities. Loan notes amounting to A$0.5 million were repaid, while A$0.75 million in remaining loan notes saw a variation and extension to September 2027. ADX is also continuing preparations for a potential dual listing on Oslo Børs’ Euronext Growth market, aiming to enhance liquidity and broaden its shareholder base. Looking ahead, the company anticipates further well workovers, drilling results from HOCH-1, and continued maturation of its prospect inventory across its European portfolio.
