ADX Energy has announced that its unit has signed an energy investment agreement for the Anshof Field area in their ADX-AT-II license.

The agreement is with MND Austria A.S.

Upon completion, MND Austria is expected to cover back costs totaling EUR 1.335 million owed to ADX VIE GmbH.

MND Austria A.S.

brings a generous funding package of up to EUR 11.52 million to the table.

ADX Energy (ASX:ADX) plans on drilling the Anshof-2 appraisal and development well during the fourth quarter of 2023.

The company is optimistic as MND indicates a willingness to participate in exploration drilling opportunities within ADX’s exploration licenses.

Post-transaction completion, ADX will hold onto operational duties and retain a 50% economic interest in the Anshof Field area.

Further investment in gas exploration in an area within the ADX-AT-I license has been agreed upon by both MND and ADX.

Plans for the installation of a permanent facility at Anshof have also been revealed.

ADX Energy (ASX:ADX) is an oil and gas exploration company headquartered in Australia with a key focus in the European region.