ADX Energy Secures funding to drill Welchau well in Anshof field
- ADX Energy (ADX) secures funding to drill a new well at the Welchau gas prospect in Austria
- Kepis & Pobe Financial Group (KPFG) agreed to cover 50 per cent of the drilling costs in exchange for a 20 per cent interest in the Welchau farm-in area
- The Canadian investment company may also choose to fund the remaining drilling costs, for a total of €3.8 million (A$5.9 million), to earn another 20 per cent stake
- ADX says KPFG will be an “excellent partner” and will help bring new capital market attention to the gas potential of the Welchau area within its operated Anshof field
- ADXEnergy shares are up 15.4 per cent to trade at 0.8 cents at 1:50 pm AEDT
