ADX Hits Gas In Romania
Australia’s ADX Energy has made a gas discovery at its Iecea Mica-1 well onshore Romania, the company said in a filing on September 9.
The borehole is now being readied for production testing, having identified a 20bn ft3 best-estimated contingent gas resource, ADX said. Its pre-drill expectation was only 6.1bn ft2.
Attempts to deepen the well beyond 2,407 metres have not been possible because of high pressure, fluid losses and well bore deterioration. These factors could compromise the well, the explorer said, concluding that it would test deeper prospective exploration potential at a later stage.
ADX chairman Ian Tchacos said the result “provides exceptional economic potential from the successful completion and tie-in of the well.”
“At this time, it is much more compelling from a value generation perspective to concentrate our operational focus and available funds on the production testing and commercialisation of the resources encountered in the well to date,” he added.
Iecea Mica-1 is the first in a two-well appraisal campaign planned by ADX at the Iecea Mare production licence in Romania’s Panonian basin.