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ADX lands Romania gas exploration licence extension

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Map showing ADX Energy’s 49 per cent-owned landholding in Romania, planned 3D seismic and the Iecea Mica-1 appraisal well.
Camera IconMap showing ADX Energy’s 49 per cent-owned landholding in Romania, planned 3D seismic and the Iecea Mica-1 appraisal well. Credit: File

ADX Energy has secured an 18-month extension to its 49 per cent-owned Ex-10 Parta gas exploration licence covering about 1,200 square kilometres in Romania. The company will now seek funding for a 100 sq.km 3D seismic program to follow up on targets defined with 2D seismic and to assess opportunities in the vicinity of the Iecea Mica-1 gas well drilled in 2019.

The licence has been extended by the Romanian National Agency for Mineral Resources at a cost of EUR14,520 without any additional operational obligations.

The extension gives ADX some leeway to pursue funding arrangements for the 3D seismic program.

Management said the program was booked in for late last year when ASX-listed Tamaska Oil & Gas defaulted at short notice on its farm-in obligations that included funding the seismic.

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The vast Ex-10 Parta licence surrounds the Iecea Mare production licence in the north of the tenure where Iecea Mica-1 was drilled.

Some 20 billion standard cubic feet of gas in 2C contingent resources were previously identified from the onshore appraisal well.

Logging results and independent interpretation identified three potential gas zones within Iecea Mica-1.

Rock-type analysis from cuttings together with petrophysical analysis from the well logs reportedly showed good gas reservoir permeability in the most prospective of the three zones, the Lower Pannonian sandstone reservoir, or “Pa IV”.

Drilling of the well encountered reservoir porosity going at 20 per cent, with good gas saturations reported from electric wireline logs and gas shows in Pa IV.

Intriguingly, test results from a nearby historical well drilled in the 1980s returned gas flow going up to 1 million standard cubic feet per day.

ADX operates in Romania via its 49 per cent stake in Danube Petroleum, with London-based partner Reabold Resources holding the remaining 51 per cent in Danube.

Danube owns 100 per cent of the Ex-10 Parta exploration licence and the Iecea Mare production licence.

Is your ASX-listed company doing something interesting? Contact: matt.birney@wanews.com.au

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