Australian oil and gas exploration and appraisal company ADX Energy has received final approvals from the Austrian Government to acquire oil and gas assets onshore Vienna Basin.
The two onshore assets are Zistersdorf and Gaiselberg oil and gas fields, which will be purchased from Austrian energy group RAG.
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The fields are producing at approximately 350 barrels of oil a day and consist of two Miocene age clastic high poroperm reservoir accumulations.
Zistersdorf and Gaiselberg were discovered in 1937 and 1938 respectively and contain 50 proven heavily compartmentalised reservoirs. There also exists an additional almost undrilled Cretaceous reservoir section (Flysch Zone).
The approval to transfer RAG production assets to ADX was received from Bundesministerium für Nachhaltigkeit und Tourismus (BMNT).
As announced in July, ADX will also receive exclusive access to exploration data collected by RAG’s production infrastructure in upper Austria. The data covers 3D seismic, 2D seismic, drilling and geological.
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By GlobalDataThe approval from BMNT on the transfer of the production interest enables the drawdown of the A$3.5m ($2.38m) loan notes financing.
ADX executive chairman Ian Tchacos said: “All third-party approvals have been achieved for ADX to complete the RAG production acquisition and to now become a producer and the operator of production assets in Austria.
“Securing the licence transfer for this high-quality Western European production asset in a prime jurisdiction in terms of oil and gas product pricing, access to infrastructure and political stability is a transformation step up for your company.
“ADX has achieved the goal of becoming a producer and an exceptionally well-positioned explorer with a ready-to-drill prospect inventory based on modern 3D seismic in a highly prospective producing basin, which, to date, has been explored by only one company.”
