ADX Energy Ltd has brought Empyrean Energy plc on board as a funding partner to advance the GOLD Gas Prospect within the ADX-AT-II licence in Upper Austria.
Under a binding heads of agreement (BHOA), ADX’s subsidiary ADX VIE GmbH has granted Empyrean an option to earn a 10 per cent economic interest in the GOLD Cluster Area.
To secure the stake, Empyrean will fund 20 per cent of the drilling and testing costs for the upcoming GOLD-1 exploration well, capped at €555,400 (AU$899,167) of an estimated €2,777,000 total well cost cap.
As part of the deal, Empyrean will pay a non-refundable option fee of €50,000 to secure exclusivity until October 16. This window allows both parties to finalise binding energy investment agreement (EIA) documentation.
Upon fulfilling its funding commitment, Empyrean will hold a 10 per cent participating interest in a dedicated joint venture covering future hydrocarbon exploration, development, and production across the GOLD Cluster Area.
The GOLD-1 well forms the second asset in ADX’s shallow gas drilling campaign in Upper Austria, following the recent HOCH-1 discovery well, which is currently undergoing production testing.
ADX operates both the ADX-AT-I and ADX-AT-II licences, where it has identified and matured several shallow gas prospects close to existing infrastructure.
ADX expects to spud the GOLD-1 well during the fourth quarter of 2026. Any unused funds from Empyrean’s initial earn-in contribution will be rolled over to cover its share of subsequent wells drilled within the GOLD Cluster.
Following the execution of the definitive agreements, ADX will retain a 90 per cent interest in the prospect while maintaining operational control over the multi-well exploration program.
