ADX Energy Ltd.: ADX to commence Joint Feasibility Studies with a large Austrian trading house for a Solar Project development

ADX and RWA Solar Solutions GmbH intend to undertake joint feasibility studies for a solar project

Wien (pta/27.09.2022/09:23) -

ADX to commence Joint Feasibility Studies with a large Austrian trading house for a Solar Project development at its Vienna Basin oil and gas fields

"ADX and RWA Solar Solutions GmbH intend to undertake joint feasibility studies for a ground-mounted solar project with a capacity of 2 MWp"

Key Points:

• ADX has signed a letter of intent with RWA Solar Solutions GmbH ("RWA") regarding joint feasibility studies for the potential joint development of photovoltaic ("PV") plants on ADX owned land at its Vienna Basin oil and gas fields ("Studies");
• RWA is a subsidiary of RWA Raiffeisen Ware AG, a wholesale and service cooperatives company in Austria. RWA provides engineering, procurement and construction ("EPC") and operations and maintenance of PV systems. RWA makes investments in PV systems and has built PV power plants with a combined installed capacity of over 15 Megawatt Peak ("MWp") in Austria;
• ADX and RWA have identified two sites within ADX' 13-hectare land portfolio covering an area of approx. 1 hectare each (the "Sites") which may be suitable for the installation of ground-mounted PV plants with a power generation capacity of 2 MWp (the "Plants");
• The Studies will seek to confirm grid access and permitting matters critical to the execution of the solar project including land use, costing and schedule of the project development;
• The Plants could generate circa 2 GWh per annum of renewable electricity which is equivalent to 45% of ADX's electricity consumption to run its low emissions oil and gas operations at the Zistersdorf and Gaiselberg fields (circa 4.5 GWh per annum);
• The Plants would provide predictable and stable electricity prices which would significantly contribute to reduced operating expenses as well as enabling the ongoing decarbonisation of ADX Vienna Basin production operations;
• Subject to the successful results from the Studies, the parties intend to enter into binding agreements for the joint development of the Plants;
• The solar project would be an additional step forward towards ADX' expansions in the renewable and clean energy sector as well as enhance ADX' ESG profile; and
• ADX may consider further development of solar power installations associated with its oil and gas activities in Upper Austria.

ADX Executive Chairman, Mr Ian Tchacos, said: "The Board of ADX welcomes the opportunity to work with the highly reputable and capable company, RWA, to jointly assess the feasibility of a solar project at ADX's Vienna Basin oil and gas fields. The project provides ADX with the opportunity to enhance and diversify revenues from its oil and gas fields, as well as off-setting emissions from its operations. The solar project is an example of how renewable energy investments can be developed in conjunction with our oil and gas operations providing an environmental benefit as well as enhancing the value of our business."

ADX Energy Ltd (ASX Code: ADX) is pleased to advise that it has entered into a letter of intent with RWA for joint feasibility studies with a view to a potential joint development of a solar project on ADX owned land at its Vienna Basin oil and gas fields, consisting of ground-mounted PV plants with a combined capacity of 2 MWp.

The Studies to be conducted by RWA and ADX will focus on the following project outcomes;

• confirmation of land use permitting for the construction and operation of the Plants;
• confirmation of available grid capacity for feed-in of PV generated electricity from the Plants and application for grid access;
• detailed budget and schedule for the engineering, procurement, construction, installation and commissioning of the Plants; and
• confirmation of construction and long-term operating permits for the Plants.

RWA has extensive experience in the development of PV plants in Austria with 15 MWp of combined solar power generation capacity installed to date, over 30 MWp under construction as well as over 80 MWp in Austria and 300 MWp in CEE countries at various development stages.

Based on preliminary project definition work, it is anticipated that the Plants could generate 2 GWh per annum of renewable electricity equivalent to the annual consumption of 500 households and off-setting 45% of ADX' electricity consumption to run its low emissions oil and gas operations at the Zistersdorf and Gaiselberg fields in the Vienna basin.

The European Union strongly supports the development of new solar power generation capacity in member states. The REPowerEU plan issued on 18 May 2022 by the European Commission targets a 600 GW expansion of PV capacity by 2030.

Subject to successful finalisation of the Studies, the parties intend to enter into binding agreements for the joint development of the Plants. The development of a Vienna Basin solar project represents an opportunity for ADX to become a renewable energy producer and generate long-term revenue. There is also potential for ADX to scale up solar power generation activities through land position development and permitting synergies with its oil and gas production activities.

For further details please contact:

Authorised for lodgement by Ian Tchacos, Executive Chairman

End of this Release

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Emitter:	ADX Energy Ltd. Canovagasse 5 1010 Wien Austria
Contact Person:	DI Paul Fink
Phone:	+43 (0)50 724 5666
E-Mail:	paul.fink@adx-energy.at
Website:	www.adx-energy.com
ISIN(s):	AU000000ADX9 (Share)
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