ADX Energy Announces Independent Review on Sicily Channel Gas Play
Key points
- Independent review by RISC Advisory supports ADX's view on the Terravecchia Formation biogenic gas play
- Review confirms the validity of ADX's methodologies for assessing gas resources in the CR 150.AU Permit
- RISC recommends ADX's planned exploration program to unlock the Permit's potential
Full summary
ADX Energy Ltd (ASX:ADX) has announced the findings of an independent review conducted by RISC Advisory on the Miocene age, Terravecchia Formation biogenic gas play in the Sicily Channel. The review supports ADX's view on the potential of the gas play and the methodologies used for assessing gas resources in the CR 150.AU Permit. Key conclusions include the recognition of the Terravecchia Formation as a valid biogenic gas play, the acceptance of ADX's methodology for determining prospective resources, and the recommendation for ADX's planned exploration program. ADX intends to continue dedicating resources to mature the Permit for drilling, including the acquisition of new 3D seismic data.
Outlook
ADX looks forward to providing further updates as they continue to uncover the Permit's full resource potential.
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