ADX Energy Ltd.: Activities Report for the Quarter Ended 30 September 2023

Wien (pta007/31.10.2023/09:19 UTC+1)

ADX Energy Ltd (ASX: ADX, "ADX" or "the Company") is pleased to provide an update on its activities for the quarter ended 30 September 2023.

HIGHLIGHTS

Past Quarter Overview

• Austrian production and sales revenue increased by 2%, averaging 324 BOEPD and totalling A$ 3,293,593 for quarter *
• Ongoing test production from the Anshof-3 oil well continued exceeding expectation*
• Operational readiness and rig available to spud Anshof-2 appraisal well in early November
• Engineering, procurement and preparations to replace Anshof early production unit with permanent facility capable of up to approx. 3000 BOPD production capacity
• Operational readiness to commence Welchau-1 explorational well, drilling permit received awaiting environmental clearance to commence drilling
• Completion of investment agreement with MND Austria a.s (MND) for A$19 million (firm and contingent) funding to earn 30% economic interest in Anshof Oil Development project (Anshof Investment Agreement).
• Anshof Investment Agreement documentation received ministerial acceptance providing proforma documentation framework for future Austrian farmouts and co-investment
• Geological and applied science research funding (A$0.6 million) contribution for ADX Welchau prospect area joint studies

*The Anshof-3 well was shut in on the 19th of September 2023 upon reaching the regulatory limit of 5,000 Tonnes (ca. 36,000 Barrels) of test production. Anshof-3 production will recommence after the drilling of the Anshof-2 well and the installation of a permanent production facility in February 2024. Anshof-2 will be drilled from the same wellsite as Anshof-3.

For more information please view the PDF file.

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Emitter:	ADX Energy Ltd. Ölzeltgasse 3/8 1030 Wien Austria
Contact Person:	DI Paul Fink
Phone:	+43 (0)676 6893465
E-Mail:	paul.fink@adx-energy.at
Website:	www.adx-energy.com
ISIN(s):	AU000000ADX9 (Share)
Stock Exchange(s):	Free Market in Berlin, Frankfurt, Hamburg, Munich, Stuttgart, Tradegate
Other Stock Exchanges:	Australian Securities Exchange (ASX), Sydney