ADX Energy Ltd (ASX:ADX), an Australian energy company focused on oil and gas exploration and production, has announced a variation to its Loan Note agreements, extending the repayment date to 30 September 2027. The revised terms apply to fifteen Loan Notes, originally issued in July 2023, with a total value of A$750,000. Ten of these Loan Notes, amounting to A$500,000, are scheduled to be repaid on 31 March 2026. Existing options previously issued in relation to the Loan Notes will lapse on 31 March 2026, with new options granted to Loan Note holders who have executed variation agreements.
The extension of the repayment date provides ADX Energy with increased financial flexibility, allowing the company to pursue multiple identified growth opportunities. This strategic move aims to reposition the company for further drilling and development activities, particularly in its Austrian and Italian assets. The company plans to use the extended financial runway to advance several projects, including ongoing well testing and evaluation at the Welchau-1 light oil and gas discovery, and drilling the HOCH-1 shallow gas well in Upper Austria.
Other near-term opportunities include well site preparation for two additional permitted shallow gas exploration wells in Upper Austria, finalising Anshof near field prospects for permitting and drilling, and ongoing farmout activities for 100% held shallow gas wells and nearfield oil prospects. Additionally, ADX is pursuing further seismic and drilling data purchases for its Sicily Channel permit, culminating in a third party resources assessment. ADX Energy is also exploring a dual listing on Oslo Børs’ Euronext Growth market to improve liquidity and broaden its shareholder base.
