ADX Energy Secures Partner Funding for GOLD Gas Prospect
Key points
- ADX partners with Empyrean Energy for GOLD gas prospect
- Empyrean to fund 20% of GOLD-1 drilling and testing costs
- Empyrean to earn 10% economic interest in GOLD Cluster Area
Full summary
ADX Energy Ltd (ASX:ADX) has announced a partnership with Empyrean Energy plc to fund 20% of the GOLD-1 well drilling and testing costs, amounting to EUR 555,400. This funding will enable Empyrean to earn a 10% economic interest in the GOLD Cluster Area in the ADX-AT-II licence in Upper Austria. The partnership will be formalized through an Energy Investment Agreement (EIA), which the parties aim to finalize by October 16, 2026. Empyrean will also pay a non-refundable option fee of EUR 50,000 for an exclusivity period until the EIA is finalized. Upon satisfying its Earn-in Obligation, Empyrean will hold a 10% participation in the partnership formed for hydrocarbon exploration, development, and production in the GOLD Cluster Area.
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