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ADX Secures Major Austrian Science Funding to Advance Welchau Project Area

30 August 2023 15:00
ASX:ADX
Screenshot 2023 08 30 At 2.12.06 Pm

ADX Energy Ltd (ASX:ADX) has obtained significant funding from the Austrian Science Fund (FFG) to support an extensive scientific project in the Welchau project area, centered around the Welchau-1 gas prospect located in the Northern Calcareous Alps, aiming to uncover geological insights and sustainable energy potential through collaboration with leading Austrian scientists.

Unlocking Geoscience and Sustainable Energy

The collaboration has a budget of $750k, of which the FFG will contribute $600k, and signifies a significant step towards advancing sustainable energy solutions.

The Welchau-1 gas prospect is a robust candidate with an estimated 807 billion cubic feet equivalent (BCFE) best technical prospective gas resource. This Project holds paramount significance not only for its resource potential but also for its alignment with the United Nations’ Sustainable Development Goals, notably Goal 7: Affordable and Clean Energy.

The Project encompasses two distinct yet interconnected strands: Structural Geology and Environmental Sustainability. Esteemed researchers from the University of Vienna will spearhead the Structural Geology aspect, employing contemporary methodologies to unravel the geological evolution of the Northern Calcareous Alps. This pursuit will not only deepen the comprehension of the Welchau area but also lay the foundation for future natural gas prospects, geothermal potential exploration, and innovative underground energy storage, including hydrogen.

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Figure 1: Map showing ADX-AT-II license area and the planned Welchau-1 drilling location in the Northern Calcareous Alps

Sustainable Energy and Environmental Stewardship

The Environmental Sustainability dimension, underpinned by a group of experts funded by ADX, will diligently explore pathways for conscientious energy development.

By reducing environmental impacts while optimising social and economic benefits, this initiative harmoniously aligns with FFG’s objective of enhancing Austria’s innovative future.

Collaboration, Innovation, and Industry Impact

Collaborative efforts with the University of Vienna and involvement of a dedicated PhD student underscore the Project’s commitment to translating scientific insights into tangible benefits. By driving innovation and aligning with EU climate and energy targets, the Project takes substantial strides towards a greener future.

ADX CEO Paul Fink, acknowledged the recognition received by the Welchau Project from the Austrian Science Community, attributing this support to ADX’s proficient in-house geoscience team.

“ADX will immediately benefit by a deeper understanding of the Welchau prospect as well as a number of already identified follow up prospects in the Welchau Area,” he said.

“In the longer term, the surrounding communities could benefit for many years from potential future sustainable energy applications such as geothermal energy generation and energy storage. The environmental sustainability element of the work is intended to demonstrate the ability to develop a major energy resource project with a minimal impact on the environment.”

ADX’s Australian Stock Exchange-listed share price is currently selling at $0.009 (2:45pm UTC+ 8 hours).

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