ADX Energy reports spudding of Iecea Mica‐1 Well in Romania

Oil and gas exploration and appraisal company ADX Energy has reported the spudding of Iecea Mica 1 appraisal well in Romania.

The well is located in the Iecea Mare production licence onshore Western Romania.

ADX plans to intersect the first target reservoir, the PA IV sand, which was previously tested in the historic well nearly 13 days after spud.

The total time for the well programme to drill and evaluate the Iecea Mica 1 well is approximately 27 days post-spud.

Danube Petroleum’s wholly owned subsidiary ADX Energy Panonia fully owns the production licence.

With a 63% shareholder interest in Danube, ADX acts as the contract operator for the licence and the nearby Parta Exploration Permit in which the production licence is located. Reabold Resources holds the remaining 37% interest.

The well is being financed through around $3m equity contributions in Danube.

Danube also holds a 100% interest in the Iecea Mare Production licence through its Romanian subsidiary, as well as a 100% interest in the Parta Exploration licence, which includes the Parta Appraisal Sole Risk Project.

ADX said that the mobilisation, set-up and commissioning of Tacrom Futura Rig 6 was completed this Monday.

The company operates four oil and gas permits in North Africa and Europe, as well as gold and base metal interests in Australia via its stake in Riedel Resources.

ADX is headquartered in Perth, Western Australia, with additional offices in Baden, Austria; Tunis, Tunisia; and Bucharest, Romania.