MND invests in hydrocarbon extraction and exploration in Austria’s Anshof field

MND announces the acquisition of a share in extraction at the promising Anshof field in Upper Austria. Its agreement with the Australian corporation ADX envisages an investment of approximately 12 million EUR by the Hodonín-based company, which thereby acquires a 30% share in the Anshof field to the southwest of Linz. For this cooperation, MND has set up the subsidiary: MND Austria.

“This is an exploration and extraction licence in Upper Austria, a region that is geologically similar to the Czech Republic, where we have abundant experience in similar projects. There is great potential for oil and gas in this region. It is also close to us both geographically and culturally,” says Jana Hamršmídová, Director of the Energy Division at MND. She adds that work is expected to start this September.

According to an independent estimate, the Anshof field holds 5.2 million barrels of oil. In terms of size, this field is comparable to the largest ones that have ever been discovered in the Czech Republic. MND and ADX are interested in the long-term development of their joint activities.

“We are pleased that MND will take part in exploratory drilling under the ADX licences, among other things because it has extensive experience and know-how across Europe,” confirmed ADX’s CEO, Ian Tchacos.

At stage one, MND will invest in the development of the Anshof field, where it will acquire a 30% share in extraction based on the ADX AT-II licence, worth 12 million EUR. At stage two, the company plans to invest another five million EUR in exploration, on the basis of the ADX AT-I licence, where it will acquire a 50% share in the results of the surveying. As part of this licence, it expects natural gas deposits in addition to oil.

About MND

MND Group is a member of KKCG Group, founded by the Czech entrepreneur Karel Komárek. The company focuses on various areas in the energy sector – from oil and gas extraction to power generation from renewable sources, such as geothermal wells or wind energy, with a special emphasis on environmentally-friendly technology. MND also supplies Czech households with gas and electricity. In addition to the Czech Republic, MND Group also operates in Ukraine and Germany.