MCF Energy, ADX’s joint venture partner in the Welchau Investment Area in in Upper Austria, has agreed to pay half of the now €5.1 million (AU$8.3 million) cost of drilling the Welchau-1 exploration well. The amended deal will earn MCF a 25 per cent interest in the area that contains the massive 807 billion cubic feet Welchau gas prospect, which is set for imminent testing by the drill bit. The Welchau-1 well work had previously been budgeted at €3.8 million (AU$6.19 million), but ADX says additional permitting costs to secure an environmental clearance and additional pre-drill costs, including the drilling of a shallow…
