MND Austria a.s. (ASX: MND) has successfully concluded an investment agreement with ADX VIE GmbH (ADX) for gas exploration in the ADX-AT-I license in Upper Austria. In exchange for EUR 0.45 million in back costs and a commitment to fund EUR 4.5 million in drilling expenditures, MND secures a 50% economic interest in the Exploration Investment Area. The Austrian Ministry of Finance has approved the partnership documentation, facilitating the completion of the transaction.
Both companies plan to drill either the LICHT or IRR gas exploration prospect in the second half of 2024, with both sites holding substantial gas resources. ADX retains operatorship and a 50% economic interest in the Investment Area, while also maintaining a 100% interest in other areas of the ADX-AT-I license. ADX Executive Chairman Ian Tchacos expresses satisfaction with the agreement, emphasizing its financial benefits and collaborative potential with MND.
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Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Enva Australia Pty Ltd (AFSL 424494). The information contained in this website is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.
