ADX Energy Ltd. has completed a deal to acquire Xstate Resources Ltd.’s (XST) 20 percent stake in the Anshof Field Area, resulting in the Aussie company having a 70 percent ownership in the Austrian producing asset.
The transaction did not involve cash as the consideration of nearly EUR 550,000 covered payments that Xstate owed ADX.
The area, according to online information from ADX, includes the Anshof-2A and Anshof-3 oil production wells and a 3,000-bpd permanent production facility that can process, store and offload oil from multiple wells.
Following the acquisition ADX now also owns a 70 percent interest in all associated production infrastructure and Anshof-3.
“ADX retains a 60 percent economic interest in Anshof-2A well”, ADX said in a statement on its website. “MND holds the remaining 30 percent economic interest in the Anshof Field Area with a 30 percent interest in Anshof-3 and a 40 percent interest in Anshof-2A production wells”.
The acquisition helped ADX grow its net production, all from Austria, in the second quarter by 23 percent to 303 barrels of oil equivalent a day compared to the prior three-month period. The Anshof-3 and Anshof-2A wells contributed 66 barrels of oil per day.
“The production increase was due to a 25 percent increase in the Vienna Basin Fields oil production as well as a 47 percent increase in gas production following a successful well workover program together with an increase in net Anshof oil production as a result of the purchase of the Xstate’s 20 percent interest”, ADX said.
ADX executive chair Ian Tchacos said, “It is our near-term goal to further increase production through the 3,000 barrel per day capacity Anshof Permanent Production Facility from nearfield appraisal and exploration drilling to maximize oil throughput and cashflow”.
“A number of appraisal and exploration opportunities are being high-graded for drilling with land acquisition already completed for the SGB prospect which lies directly to the north of the Anshof Field”, Tchacos added.
During the quarter ADX exercised its option to buy the Permanent Production Facility under a lease- purchase agreement with Oneo GmbH & Co. KG. “The transfer from lease to ownership will take place after the end of the rental period on 1st November 2025”, it said.
Xstate’s exit follows its suspension from the Australian Securities Exchange (ASX). “ASX determined Xstate’s level of operations were [sic] not sufficient to warrant the continued quotation of its securities”, then-XST chair Andrew Childs said in the company’s annual report for 2024. Xstate 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 June 4, 2025, announcing the sale deal with ADX.
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