ADX Energy expands European shallow gas footprint
- ADX Energy (ASX:ADX) has expanded its exploration portfolio by lodging a third gas permit application covering 517km2 offshore Sicily.
- The expansion brings the company's total prospective exploration area across the region to approximately 1,650km2.
- The strategy aims to position the company as a key supplier addressing Europe's tightening natural gas market.
Energy explorer ADX Energy (ASX:ADX) has submitted a third offshore permit application in Italy to secure an additional 517km2 of exploration ground.
The new filing builds on two mid-August submissions, expanding the company’s contiguous application footprint to 1,303km2 alongside its existing 346-square-kilometre permit.
The application triggers a three-month window for competing claims, after which the company must seek regulatory opinions and environmental clearances before securing the licence.
Following the announcement the ADX Energy share price was unchanged at $0.019.
The European gas focus comes alongside operational progress in Austria, where recent testing at the HOCH-1 well flowed gas at 3.15 million cubic feet per day.
The company stated that its existing permit area holds an unrisked mean prospective resource of 619 billion cubic feet of gas and sits 20 kilometres from major pipeline infrastructure.
