ADX Energy Ltd (ASX:ADX), an oil and gas exploration and production company with assets primarily in Europe, has announced it has secured firm commitments to raise A$3.58 million through a well-supported placement. The capital injection comes from new and existing sophisticated investors and is earmarked to provide additional funding for a range of planned operational and exploration activities across its portfolio.
The placement involves the issue of 179.2 million new fully paid ordinary shares at an issue price of A$0.02 per share. This price represents a 16.7% discount to the last traded price and a 23% discount to the five-day volume-weighted average price up to 17 July 2026. Participants will also receive one free-attaching option for every share, exercisable at A$0.03 and expiring on 31 December 2027, with ADX intending to seek ASX listing for these options. Proceeds are designated for multi-zone gas testing of the recent HOCH-1 shallow gas discovery in Austria, follow-up shallow gas drilling, ongoing production optimisation in Austria, exploration offshore Sicily Channel, and general working capital.
ADX Executive Chairman, Mr Ian Tchacos, expressed the Board’s satisfaction with the strong support and welcomed new domestic and international investors. Mr Tchacos highlighted that this funding enables ADX to build on the early exploration success at the HOCH-1 shallow gas discovery, continue its shallow gas drilling program to materially build gas production, and enhance oil output from existing fields. He also noted preparations to introduce farm-in partners for a nearfield oil exploration target adjacent to the Anshof oil field, aiming to maximise value and shorten development cycles. Furthermore, the funding supports continued resource definition and gas play development work in the Sicily Channel permit.
