The company ADX Energy, which is currently conducting gas drilling in Molln in Upper Austria, found what it was looking for on Sunday evening at a depth of 1,500 meters. The Australian company announced in a press release that condensate-rich natural gas reserves have been discovered.
ADX Vie GmbH – a subsidiary of the Australian listed exploration company ADX Energy – discovered natural gas reserves during exploratory drilling in Molln (Kirchdorf district) near the Kalkalpen National Park. The condensate-rich natural gas deposit is located at the predicted depth of 1,452 to 1,567 meters and now requires further measurement and evaluation before drilling is completed, the company announced in a press release on Monday.
Because the nature conservation permit for the drilling (Welchau-1), which is opposed by environmentalists, expires on March 31, the necessary tests are postponed until the autumn, the drilling rig is now dismantled, the borehole is sealed and thus secured.
A new permit would be required for a production drilling. The now drilled Steinalm formation is the same gas-bearing zone in which OMV discovered and tested condensate-rich gas in 1989 (Molln-1 well). The analysis shows that the gas from Welchau-1 is very similar to the gas tested by Molln-1.
“Historic gas discovery”
ADX CEO Ian Tchacos on Monday spoke of a “historic gas discovery” and a potentially exceptional gas resource now to be developed for the Republic of Austria, its industry and households. “The results so far are in line with our expectations and confirm the high geological and technical competence of the Vienna ADX team, which is supported by local and international experts,” explains Tchacos. It was estimated that the Welchau drilling site contained 24 billion cubic meters of natural gas, equivalent to a total energy production of 270 TWh. Austria needs 96 TWh per year.
Environmentalists oppose drilling
Environmentalists are fighting the test drilling – Greenpeace, the umbrella environmental organization, the Alpine Association and the Nature Conservation Association had filed a complaint against the approval of the nature conservation authority at the Administrative Court of Upper Austria. According to a complaint by the citizens’ initiative Pro Natur Steyrtal, an ADX security employee must appear in court for coercion and concealment of evidence.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
