ADX Energy has received a production licence to expand the development of the Anshof oil field located within the ADX-AT-II exploration licence in Austria.

The licence, which has been awarded by Austria’s Ministry of Finance, allows the firm to drill two development wells within the next 12 months.

The company will also undertake further development at the already-producing Anshof-3 discovery well.

ADX executive chairman Ian Tchacos said: “The board of ADX is delighted by the award of the Anshof production licence less than 12 months after the initial testing of the Anshof-3 discovery well.”

Based on independent reserve and resource assessments, the Anshof field holds proven and probable (2P) reserves of 5.2 million barrels of oil equivalent as of October 2022.

ADX is planning to undertake further drilling to appraise the assessment’s proven, probable, and possible (3P) reserves, and 3C contingent resource potential of 26 million barrels of oil equivalent.

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Tchacos said: “Anshof has substantial independently assessed reserves, and production potential that is expected to provide rapid revenue growth for ADX.

“We are especially appreciative of the Austrian Government support, well defined and transparent permitting processes, together with a favourable operating environment, which will enable ADX to further contribute to Austria’s economy and energy security.”

The Anshof-3 discovery well started test production in 2022. To date, the well achieved an average stable rate of 133 barrels per day.

ADX is now planning to increase the production rate at the Anshof-3 well to 150 barrels per day, following the increase in storage capacity in Q2 2023.

The company operates the Anshof oil field with an 80% interest. It owns a 100% stake in the remainder of the ADX-AT-II exploration licence.