ADX Energy Ltd, an Australia-based oil and gas exploration and production company listed on the ASX under the code ADX, has announced significant changes to its Board of Directors. Mr. Andrew Childs has resigned from his position as a non-executive Director, and Mr. John Begg has been appointed to the Board contemporaneously. Mr. Ian Tchacos, the Executive Chairman of ADX, expressed gratitude towards Mr. Childs for his long-term service and welcomed Mr. Begg, highlighting the timeliness of his addition as the company is gearing up to drill and further develop a highly prospective exploration portfolio in Austria.
Mr. Tchacos emphasized Mr. Begg’s geotechnical skills and corporate experience as highly valuable and complementary to the Board’s efforts in strengthening ADX’s presence as an energy producer and explorer in Europe. This strategic move comes at a critical moment for ADX, as it seeks to build value for shareholders and project partners amidst efforts to recover from CEO Paul Fink’s recent medical condition. The leadership anticipates Mr. Fink’s resumption of duties in the near future, underscoring the importance of Mr. Begg’s contribution to the team during this period.
ADX Executive Chairman, Mr Ian Tchacos, said, “On behalf of the Board I would like to thank Andrew for his service to ADX over a long period of time. I welcome John to the Board of ADX at a time when the Company seeks to drill out and further develop a highly prospective exploration portfolio in Austria. John’s geotechnical skills and corporate experience are highly valued and complementary with the Board as we continue to build our presence as an energy producer and explorer in Europe. I look forward to working with John, together with our team in Austria to continue to build value for our Shareholders and our project partners. John’s contribution to the team is especially relevant at this time when our CEO, Paul Fink, continues to recover from a recent medical condition which I expect will enable him to resume his duties in the near future.”
Incoming Director Mr John Begg said, “After the ADX Board’s initial approach, I had a chance to see what the Company is doing and what it has. Just within the Austrian assets of the Company alone I see steady and building oil production, attracting good pricing. A large portfolio of both oil, and in particular, high value gas prospects. These are located in areas mainly covered by 3D seismic and with high, historic discovery success rates of circa 50%. And extensive, nearby and available hydrocarbon infrastructure. An Austrian Government that is pragmatically very supportive of its oil and gas energy players which in combination with favourable fiscal terms, access to infrastructure and attractive energy pricing results in compelling project returns! Then there is the fact ADX is only the third operating company to be active in Austria (where it surprised me to learn that over a billion barrels of oil and 3 trillion cubic feet of gas has been produced) following a long period of industry domination by two very large companies. To me that says opportunity. The Company is already underway with drilling the large, highly impactful Welchau gas prospect and has more high impact prospects that I believe I can assist the highly qualified ADX team in Austria to work up. So count me in I said!”.
