ADX Energy acquires Xstate’s Anshof stake at zero cost to boost share of Austrian oil production

ADX Energy will increase its share of Anshof oil production from 58 barrels per day to 72bpd after acquiring Xstate Resources’ interest.

ADX Energy will lift its share of Anshof oil production. Pic: Getty Images

• ADX Energy is acquiring Xstate Resources’ 20% stake in the Anshof Field Area

• Move will increase the company’s share of Anshof oil production from 58bpd to 72bpd

• Transaction is at no cost to ADX as it’s offset by unpaid cash calls owed by Xstate

Special Report: ADX Energy will receive a larger share of oil production and revenue from its Anshof oil field in Austria after reaching an agreement to acquire Xstate Resources’ 20% interest in the Anshof Field Area.

The agreement, which is subject to approval from 30% partner MND Austria, will increase the company’s interest in the Anshof Field Area, all associated production infrastructure and the Anshof-3 well.

ADX Energy (ASX:ADX) retains a 60% interest in the Anshof-2A well with MND holding the remaining 40%.

This acquisition from Xstate Resources (ASX:XST), which is currently suspended from trading, will increase ADX’s share of current Anshof oil production from 58 barrels per day (bpd) to 72bpd.

It also increases the company’s overall Austrian oil and gas production up to 307 barrels of oil equivalent per day.

What’s particularly notable is that the transaction does not involve any cash outflows as the consideration of €547,075 is offset in full by unpaid cash calls owing to ADX by XST.

“The board of ADX is pleased to be able to secure this additional share of Anshof Field Area partnership from XST, without any cash outlay,” executive chairman Ian Tchacos said.

“The additional share of production from the Anshof-3 well enhances ADX’s cashflows and the company’s increased interest in the Anshof Field Area together with the related production infrastructure enhances our strategic position in future Eocene oil appraisal and exploration potential.”

Anshof Field

The Anshof Field Area in the ADX-AT-II AGS licence in Upper Austria includes the Anshof-3 well that currently produces oil at an average rate of 70bpd, the Anshof-2A well that produces 39bpd and a permanent production facility with the capacity to process, store and offload 3000bpd of oil from multiple wells.

ADX  plans to drill a new oil appraisal well in the Anshof area in Q4 2025 it has used 3D seismic to define seven targets that are close to its oil processing and transportation facilities.

Also in the plan is a near-term focus is to drill recently announced shallow gas prospects in Upper Austria.

This article was developed in collaboration with ADX Energy, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

Originally published as ADX Energy acquires Xstate’s Anshof stake at zero cost to boost share of Austrian oil production