ADX lifts Austrian oil field stake to boost production and cash flow

ADX Energy has increased its economic interest in the Anshof oil field in Upper Austria from 50% to 70% without cash expenditure, acquiring Xstate Resources’ 20% stake by offsetting the purchase price against unpaid cash calls. This strategic move boosts ADX’s daily output from the Anshof-3 well to 72 barrels of oil per day, contributing to a total production of 307 barrels of oil equivalent per day across its Austrian operations. Additionally, ADX plans to advance exploration efforts in the region and has secured new gas targets, with potential drilling campaigns anticipated later this year.

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