ADX Energy Ltd.: Anshof Oil Field Production License Awarded by Austria's Ministry of Finance

Wien (pta/13.03.2023/15:50 UTC+1)

The production license award enables ADX to expand the development of the oil field including the drilling of two development wells within the next 12 months in addition to the already producing Anshof-3 discovery well.

Key points:

• A production license has been awarded by Austria's Ministry of Finance to ADX VIE GmbH (ADX) for the Anshof oil field, discovered in January 2022 by the Anshof-3 well. ADX is operator and holds an 80% economic interest in the Anshof oil field.
• The award of the production license provides the regulatory framework for development of the Anshof oil field located in the ADX-AT-II exploration license area in Upper Austria (refer to map in Figure 1 of the PDF file) including the planned drilling of the Anshof-2 and Anshof-1 wells commencing Q3 2023.
• Test production from the Anshof-3 well commenced during October 2022 utilising a rented early production system and achieved to date an average stable rate of 113 barrels per day of light crude oil (33° API).
• Production performance from the Anshof-3 well has exceeded expectations and ADX intends to increase the production rate (currently constrained by well site facilities) to approximately 150 barrels per day when additional on-site oil storage is available in Q2 2023.
• An independent reserve and resource assessment (Independent Assessment) of the Anshof field estimated 2P (proven + probable) reserves at 5.2 million barrels of oil equivalent as at 1 October 2022. (Note 1 Refer to ASX release dated 31 October 2022.)
• The Independent Assessment highlighted the Anshof field's large 3P (proven + probable + possible) reserves and 3C contingent resource potential of 26 million barrels of oil equivalent which ADX plans to appraise with further drilling. (Refer to Appendix 1 of the PDF file of this release.)
• In addition to the development of the Anshof field, ADX is maturing two adjacent exploration prospects which have been de-risked by the Anshof discovery. ADX will provide further information about these prospects in the near future.

ADX Executive Chairman, Mr Ian Tchacos, said, "The Board of ADX is delighted by the award of the Anshof production license less than 12 months after the initial testing of the Anshof-3 discovery well. Our management and operating team in Austria are developing a transformative new production asset for our Company in a very short time frame. Anshof has substantial independently assessed reserves and production potential that is expected to provide rapid revenue growth for ADX. We are especially appreciative of the Austrian government support, well defined and transparent permitting processes, together with a favourable operating environment, which will enable ADX to further contribute to Austria's economy and energy security."

For the ASX Release please open the PDF file.

For further details please contact:

Authorised for lodgement by Ian Tchacos, Executive Chairman

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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)
Stock Exchange(s):	Free Market in Berlin, Open Market (Free Market) in Frankfurt, Free Market in Hamburg, Free Market in Munich, Free Market in Stuttgart, Open Market in Tradegate
Other Stock Exchanges:	Australian Securities Exchange (ASX), Sydney