ADX Energy

What ADX Energy does

ADX Energy Ltd is an ASX-listed (ASX: ADX) upstream oil and gas exploration and production company headquartered in Perth, Australia, with its operational headquarters in Vienna, Austria. The company operates a portfolio of onshore European energy assets across Austria, Romania, and Italy, with a workforce of 11-50 employees. ADX is one of only three production operators in Austria, a position established through the 2019 acquisition of the long-life Zistersdorf and Gaiselberg oil fields in the Vienna Basin from RAG Austria AG. These producing fields have generated approximately A$10.8M in trailing-twelve-month revenue and supply Austria's domestic petrochemical and energy markets.

ADX is currently in an active exploration and appraisal phase. The HOCH-1 (Hochfeld-1) shallow gas well in Upper Austria tested positively in 2026, achieving stable water-free flow of 2.7-2.8 MMcf/d (~467 BOEPD), and is the first of three planned shallow gas prospects. The Welchau-1 discovery has been materially upgraded, with prospective resources tripled to 230-387 bcf gas plus 8.1-13.6 million barrels of condensate following the deeper Duplex Array 2 gas-condensate identification, with re-entry planned for FY26. Romania is operated through a 49.2% equity interest in Danube Petroleum Limited (Iecea Mare production permit), and Italy exposure is held via AUDAX Energy srl, which manages five high-graded offshore gas prospects in the Sicily Channel. The company is also developing a decarbonisation portfolio (CO2 sequestration, hydrogen/green gas storage, geothermal) leveraging its existing reservoir and subsurface assets.

Revenue is generated by selling produced oil and gas into European wholesale markets at prevailing commodity prices, with European gas referenced at approximately 42 EUR/MWh. The company has raised A$4.4M via a March 2026 post-IPO placement (163M shares at A$0.027) plus approximately A$2.28M in November 2025, and is pursuing a dual listing on Oslo Børs' Euronext Growth market to broaden European institutional access. Partners include MCF Energy Ltd (25% in Welchau-1), Reabold Resources (capital injection into Danube Petroleum), and Auctus Advisors (equity research coverage with a A$0.22 target price). The company is loss-making (A$11.8M TTM net loss) and consumed A$7.8M of cash in the prior twelve months against a year-end 2025 cash balance of A$4.76M, reflecting an early-stage production plus exploration profile.

Name

ADX Energy

Legal name

ADX Energy Ltd.

Website

https://adx-energy.com

Company type

Public

Founded year

1987

Operating status

Operating

Headcount range

11–50 employees

Short description

ADX Energy is an ASX-listed European-focused oil and gas exploration and production company operating long-life Austrian oil fields (Zistersdorf/Gaiselberg) alongside active gas exploration in Austria (HOCH-1, Welchau), Romania, and Italy's Sicily Channel, selling into European wholesale energy markets.

Ownership category

akta.pro rank

Product category

Oil and Gas Exploration and Production

NAICS

Crude Petroleum Extraction (21112), Natural Gas Extraction (21113)

SIC

Crude Petroleum & Natural Gas (1311)

akta.pro primary industry

Production Operations & Artificial Lift (Surface Facilities, Compression, Flow Assurance) (EUAAAAAK)

Keywords

• Oil and gas exploration
• Hydrocarbon production
• Upstream energy assets
• Onshore drilling operations
• Gas condensate development

Headquarters

HQ city

Subiaco

HQ country

Australia

HQ region

Oceania

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Technology or R&D, Personnel, Infrastructure, Marketing or Sales, Supply Chain

Revenue model

1. Oil and Gas Production: ADX Energy generates revenue from the sale of produced oil and natural gas from its Austrian production facilities at Zistersdorf and Gaiselberg, and potential future production from Romania and Italy projects. Revenue is derived from the sale of hydrocarbons at market prices, with European gas prices referenced at approximately 42 euros per MWh.

Go-to-market motion2 records

Distribution channels3 records

Marketing channels4 records

Core offering

ADX Energy is an ASX-listed upstream oil and gas exploration and production company operating onshore and offshore energy assets in Europe. The company produces oil from the long-life Zistersdorf and Gaiselberg fields in Austria, explores shallow gas at HOCH-1/Hochfeld-1 in Upper Austria, develops the Welchau gas-condensate discovery, holds offshore gas exploration acreage in Italy's Sicily Channel, and operates the Iecea Mare production permit in Romania through its 49.2% interest in Danube Petroleum Limited.

Product overview

ADX Energy is an ASX-listed oil and gas exploration and production company operating a portfolio of onshore European energy assets. The company operates two core business lines: (1) Producing oil fields in Austria (Zistersdorf/Gaiselberg) providing sustained cash flow, and (2) gas exploration projects including the HOCH-1/Hochfeld-1 shallow gas well and Welchau gas-condensate discovery, both in Austria, plus offshore gas prospects in Italy's Sicily Channel. The company also holds production interests in Romania via Danube Petroleum. Beyond traditional E&P, ADX offers decarbonisation technologies encompassing CO2 sequestration, underground energy storage, and geothermal energy development. The company is headquartered in Perth, Australia with operational headquarters in Vienna, Austria.

Differentiator

Problem solved

Functional benefit

Products and services

• Zistersdorf/Gaiselberg Oil Production Long-life onshore oil production from the Zistersdorf and Gaiselberg fields in the Vienna Basin, Austria. Producing since 1938 with highly productive Miocene and Pliocene reservoirs plus the underdeveloped Flysch Mesozoic sandstone reservoir, acquired in late 2019 to provide sustained cash flow for ADX.
• HOCH-1/Hochfeld-1 Shallow Gas Exploration Shallow gas exploration well in Upper Austria (Frankenmarkt) testing the Hall Formation. First of three shallow gas prospects in Upper Austria, with stable water-free gas flow rate of 2.7-2.8 million cubic feet per day (approximately 467 BOEPD) and combined mean resource potential of 8.0 bcf with possible upside of 17.3 bcf.
• Welchau Gas-Condensate Discovery Light oil and gas-condensate discovery in Austria featuring the deeper Duplex Array 2 interval. Prospective resources of 230-387 bcf gas plus 8.1-13.6 million barrels condensate on P50-to-Pmean basis following incorporation of the deeper gas-condensate interval analysis.
• Sicily Channel Offshore Gas Exploration Offshore gas exploration in the Strait of Sicily, Italy, managed through AUDAX Energy srl. ADX has high-graded five gas prospects as low-risk 4-way dip anticline closures with seismic amplitude responses indicating gas presence.
• Iecea Mare Production Permit Production permit in Western Romania operated via ADX's 49.2% equity interest in Danube Petroleum Limited. Area benefits from good infrastructure access and strong gas pricing from rising local European demand.
• Decarbonisation Technologies Portfolio Portfolio of decarbonisation opportunities including CO2 sequestration in depleted reservoirs, underground energy storage for hydrogen and green gas, geothermal energy development, and low-emission production practices leveraging existing reservoir infrastructure.

Quantifiable outcome

• HOCH-1 well achieved stable water-free gas flow of 2.7-2.8 million cubic feet per day (~467 BOEPD) with wellhead pressure of 870-940 psi
• +2 more outcomes

Named customers1 record

Segments1 record

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Two partnerships are on record, tiered core.

• Danube Petroleum LimitedcoreStrategic or Co-development PartnerADX Energy holds 49.2% equity interest in Danube Petroleum Limited, a UK-incorporated private investment vehicle. ADX operates the Iecea Mare production permit in Western Romania through this entity. Reabold Resources PLC has also invested in Danube to fund appraisal activities.
• MCF Energy Ltd.coreStrategic or Co-development PartnerMCF Energy holds 25% economic interest in the Welchau-1 well project in Austria, with ADX Energy operating the project with the remaining 75% interest. MCF has reported testing results including light oil and hydrocarbon gas recovery during well unloading operations at the Reifling Formation.

Scale indicators9 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Prospex Energy: Prospex is a London-listed micro-cap E&P with producing European gas assets (Italy, Spain) and active development programs. Directly comparable to ADX in size, listing profile, and onshore European gas focus.
• Europa Oil & Gas: Europa Oil & Gas is a UK AIM-listed micro-cap E&P with producing UK onshore oil assets and European exploration interests. Closely comparable to ADX in market cap, listing, and onshore European E&P strategy.
• Reabold Resources PLC: Reabold is an investor in ADX's Danube Petroleum (49.2%-held JV that operates the Iecea Mare production permit in Romania). Both are UK-listed micro-cap E&Ps focused on European onshore gas and oil appraisal-to-production projects.
• Baron Oil: Baron Oil is a London AIM-listed small-cap with UK and South American oil and gas interests, including onshore UK production. Comparable in size and small-cap European E&P structure to ADX.
• Sound Energy: Sound Energy is a London-listed small-cap focused on gas exploration in Morocco and Europe, comparable to ADX in size and gas-focused development-stage asset base.
• MCF Energy Ltd. MCF Energy holds a 25% economic interest in ADX's Welchau-1 well and is a direct JV partner on the project. Both are small-cap European gas-focused explorers with comparable asset size, stage, and European geographic focus.
• Kistos Energy: Kistos Energy is a UK-listed E&P with producing and development assets in the Netherlands and UK, focused on natural gas. Closely comparable to ADX as a small European gas-focused producer with onshore/transition focus.

Emerging players

• Challenger Energy Group: Challenger Energy is an emerging small-cap E&P focused on European gas opportunities, including UK and Caribbean assets. Smaller and earlier-stage than ADX but with similar onshore gas exploration focus.

Broad incumbents

• OMV AG: OMV is Austria's largest integrated oil and gas company and a direct operator in the Molasse basin where ADX holds acreage. Multiple ADX directors and managers (Fink, Gilbert) are OMV alumni. Broad incumbent competitor and potential farmout/M&A counterparty.

Others

• RAG Austria AG: RAG Austria AG is the operator from which ADX acquired its Zistersdorf and Gaiselberg producing fields in 2019. RAG remains the dominant Austrian production operator and a direct comparable for the kind of mature onshore basin operator ADX aspires to be.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries1 record

Funding overview

Funding rounds2 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about ADX Energy