Sicily Channel Gas Prospective Resources Rise to 619 BCF for ADX

Resource Upgrade Highlights Growing Potential

ADX Energy Ltd (ASX – ADX) has announced a substantial update to its prospective gas resource estimates for its offshore Sicily Channel Permit C.R 150.AU. The company reports a 31% increase in mean prospective resources, now estimated at 619 billion cubic feet (BCF) for its 100% interest in the permit. This upgrade reflects the incorporation of new geological and reservoir data gathered since the last update in August 2022.

Data from Nearby Fields Strengthens Confidence

The revised estimates draw heavily on analogues from nearby producing fields such as the onshore Lippone-Mazara gas field and the recently developed offshore Argo, Cassiopea, and Gemini fields operated by ENI. Historic wells within the permit area have also contributed valuable insights, particularly regarding gas encountered in shallow reservoirs and deeper oil zones. These data points have allowed ADX to expand its prospect inventory and refine reservoir parameters, boosting confidence in the permit’s exploration potential.

Looking Ahead – Seismic Data and Independent Review

ADX plans to acquire additional seismic data in early 2026, which will enable further assessment and potential expansion of the prospect portfolio. The company also intends to commission an independent Competent Persons Report to provide an unbiased evaluation of the permit’s resource potential. These steps are expected to enhance the robustness of resource estimates and inform future development decisions.

Balancing Optimism with Caution

While the resource upgrade is encouraging, ADX emphasizes that these remain prospective resources, subject to significant exploration and development risks. The quantities reported are estimates of potentially recoverable volumes contingent on future discoveries, appraisal, and commercial viability. Investors should note that further appraisal and evaluation are required to confirm the existence and recoverability of these hydrocarbons.

Strategic Importance for ADX

For ADX, the Sicily Channel Permit represents a key asset in its portfolio, with this resource upgrade underscoring its strategic value. The company’s Executive Chairman, Ian Tchacos, highlighted the exceptional potential of the permit and the value of ongoing data acquisition and analysis. As ADX continues to build its understanding of the permit’s geology, the market will be watching closely for subsequent updates that could pave the way toward commercial development.