– Production operations have continued without interruption and at forecast production rates, currently 340 barrels of oil equivalent per day. The security of ongoing production benefits from a high level of field automation and direct export by pipeline to the OMV refinery in nearby Vienna.
– Oil field revenues have been maintained in excess of operating costs due to ADX’s hedging strategy introduced in early March.
Excess cash flow is being used to fund high priority capital expenditure as well as Austrian corporate and technical personnel costs where the ADX core technical team is located.
– Reserves Audit providing a base line reserves and contingent resource position to be completed this quarter with an internationally qualified independent technical auditor.
– Gas development opportunities are being pursued that provide low risk reserves growth, a rapid pathway to cash flow and diversity of revenues.
Romanian Appraisal & Exploration
– IMIC -1 testing will be delayed by approximately 2 months due to the border closures which has
prevented some essential services to be sourced.
– IMIC -2 drill site preparations have commenced with expected well spud in late Q3 2020.
3D seismic acquisition is expected to commence in July 2020 when COVID-19 border closures are
expected to be lifted.
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