02 October 2014, News Wires – Australia-listed ADX Energy has chosen to bypass further seismic activity and go straight to shoring up three drillable prospects in the Parta permit in western Romania.
ADX has used past 2D seismic to size up three exploration prospects, which are deemed to be drill-ready.
The company said well economics were supported by shallow depths, low drilling costs, availability of infrastructure, attractive fiscal terms and proximity to the European market.
On the back of good data from the seismic, ADX has decided to fast track at least two of the prospects.
ADX is also in discussions with potential farm-in partners in order to be able to start drilling in the second quarter of 2015.
The three potential prospects are targeting a best estimate resource of 15 million barrels of oil equivalent.
The Parta permit covers 1221 square kilometres in the southern Pannonian basin in western Romania. It is operated by ADX in a 50/50 joint venture with Austrian company Rohoelaufsuchungsgesellschaft.
The licence area contains seven oil and gas fields with a recoverable mean prospective resource potential of 47 million barrels of oil and 480 billion cubic feet of gas.