ADX Energy Ltd. has reached a deal to acquire Xstate Resources Ltd.’s (XST) 20 percent stake in Anshof, which would increase the Aussie company’s ownership in the Austrian producing field to 70 percent.
Subject to the consent of the other partner, MND Austria a.s., the transaction would increase ADX’s share of production from 58 barrels per day (bpd) to 72 bpd. ADX’s total Austrian production would grow to 307 barrels of oil equivalent a day, according to ADX.
“The transaction does not involve any cash outflows for ADX as the consideration of EUR 547,075 is set off in full against unpaid cash calls owing to ADX by XST”, ADX said in an online statement Wednesday.
“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”, commented ADX executive chair Ian Tchacos.
The transaction comes months after the Australian Securities Exchange (ASX) suspended XST from trading. “ASX determined Xstate’s level of operations were not sufficient to warrant the continued quotation of its securities”, then-XST chair Andrew Childs said in the company’s annual report for 2024. XST was delisted August 2024.
“Whilst there were no cash considerations paid, the assignment reduces our liabilities and strengthens our balance sheet in preparation for our imminent relisting and progressing with the Diona Project”, XST managing director Andrew Bald said in an ASX filing Wednesday.
The Anshof field includes the Anshof-3 oil production well, which currently produces 70 bpd; the Anshof-2A oil production well, with a current output of 39 bpd; the Anshof Production License, which spans 25 square kilometers (9.65 square miles); and a 3,000-bpd permanent production facility that can process, store and offload oil from multiple wells. After the transaction ADX will maintain a 60 percent stake in Anshof-2A, ADX said.
In November 2021 XST entered into a farm-in agreement with ADX under which XST later shouldered 40 percent of Anshof-3’s cost and thereby earned a 20 percent stake in the Anshof field.
In September 2023 the farm-in agreement was replaced with a cooperation agreement and production sharing agreement that formalized the Anshof Silent Partnership (ASP). Later that month MND Austria became an ASP partner.
In October 2023 ADX proposed to build the Anshof production facility with a budget of around EUR2.01 million. The project resulted in XST incurring a liability of approximately EUR 480,000.
“To date, XST has incurred unpaid cash call liabilities totaling EUR547,075. The sale of XST’s interest in the Anshof project extinguishes these liabilities and strengthens XST’s balance sheet”, Wednesday’s filing stated.
Anshof is part of the ADX-AT-II Exploration, Production and Storage License in Upper Austria.
To contact the author, email jov.onsat@rigzone.com
What do you think? We’d love to hear from you, join the conversation on the
Rigzone Energy Network.
The Rigzone Energy Network is a new social experience created for you and all energy professionals to Speak Up about our industry, share knowledge, connect with peers and industry insiders and engage in a professional community that will empower your career in energy.
element
var scriptTag = document.createElement(‘script’);
scriptTag.src = url;
scriptTag.async = true;
scriptTag.onload = implementationCode;
scriptTag.onreadystatechange = implementationCode;
location.appendChild(scriptTag);
};
var div = document.getElementById(‘rigzonelogo’);
div.innerHTML += ” +
‘
‘ +
”;
var initJobSearch = function () {
//console.log(“call back”);
}
var addMetaPixel = function () {
if (-1 > -1 || -1 > -1) {
/*Meta Pixel Code*/
!function(f,b,e,v,n,t,s)
{if(f.fbq)return;n=f.fbq=function(){n.callMethod?
n.callMethod.apply(n,arguments):n.queue.push(arguments)};
if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version=’2.0′;
n.queue=[];t=b.createElement(e);t.async=!0;
t.src=v;s=b.getElementsByTagName(e)[0];
s.parentNode.insertBefore(t,s)}(window, document,’script’,
‘https://connect.facebook.net/en_US/fbevents.js’);
fbq(‘init’, ‘1517407191885185’);
fbq(‘track’, ‘PageView’);
/*End Meta Pixel Code*/
} else if (0 > -1 && 74 > -1)
{
/*Meta Pixel Code*/
!function(f,b,e,v,n,t,s)
{if(f.fbq)return;n=f.fbq=function(){n.callMethod?
n.callMethod.apply(n,arguments):n.queue.push(arguments)};
if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version=’2.0′;
n.queue=[];t=b.createElement(e);t.async=!0;
t.src=v;s=b.getElementsByTagName(e)[0];
s.parentNode.insertBefore(t,s)}(window, document,’script’,
‘https://connect.facebook.net/en_US/fbevents.js’);
fbq(‘init’, ‘1517407191885185’);
fbq(‘track’, ‘PageView’);
/*End Meta Pixel Code*/
}
}
// function gtmFunctionForLayout()
// {
//loadJS(“https://www.googletagmanager.com/gtag/js?id=G-K6ZDLWV6VX”, initJobSearch, document.body);
//}
// window.onload = (e => {
// setTimeout(
// function () {
// document.addEventListener(“DOMContentLoaded”, function () {
// // Select all anchor elements with class ‘ui-tabs-anchor’
// const anchors = document.querySelectorAll(‘a .ui-tabs-anchor’);
// // Loop through each anchor and remove the role attribute if it is set to “presentation”
// anchors.forEach(anchor => {
// if (anchor.getAttribute(‘role’) === ‘presentation’) {
// anchor.removeAttribute(‘role’);
// }
// });
// });
// }
// , 200);
//});
