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Gas drilling company ADX wants to raise fresh money through shares

Gas drilling company ADX wants to raise fresh money through shares
ADX drilling rig in Molln

The drilling company ADX Energy, which is listed on the Perth Stock Exchange, has announced that it will issue shares worth 13.5 million Australian dollars (8.22 million euros). We already have firm commitments from investors, it said in a broadcast on Thursday. Specifically, there are around 128.5 million ordinary shares at an issue price of 0.105 Australian dollars (around 6 euro cents).

Around 71.4 million shares are to be placed in a first tranche on May 7th, and the rest in a second tranche on May 22nd. The fresh money is to flow into, among other things, the gas project in Molln and the Anshof oil drilling project near Bad Hall , and a CO2 reduction plant is also planned for ADX’s oil and gas fields in the Vienna Basin.

The test drilling in Molln, not far from the Kalkalpen National Park and the Jaidhaustal nature reserve, was completed in March. They confirmed the presence of gas underground. ADX estimates that there is 24 billion cubic meters of natural gas. This corresponds to a total energy of 270 terawatt hours; Austria needs 96 terawatt hours per year, according to ADX. As reported, further tests will be postponed until autumn. This requires renewed approval procedures. The Nature Conservation Association and a citizens’ initiative are against the drilling.

Towards the end of the year, the company also wants to start a test drilling in the municipality of Sankt Georgen im Attergau. Around half a billion cubic meters of natural gas are believed to be present here.

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