ADX Energy Ltd.: Sicily Channel Independent Review

Location map C.r150.AU Permit; ADX Energy Ltd.

Wien (pta014/06.07.2026/13:38 UTC+2)

The expert opinion supports ADX' view regarding the potential of Terravecchia Formation biogenic gas play and ADX methodologies for assessing gas resources in the CR 150.AU Permit

ADX Energy Ltd (ASX Code: ADX) holds a 100% interest in the CR 150.AU Permit ("Permit") in the Sicily Channel offshore Italy, refer figure 1. ADX has previously reported resource estimates in the Permit, refer to table 1. The resource estimates by ADX were based on a review of well and seismic data within the Permit as well as analogous gas fields onshore (Lippone-Mazara) and offshore (Argo-Cassiopeia).

ADX is pleased to advise it engaged independent consultancy RISC Advisory Pty Ltd ("RISC") to review the Miocene age, Terravecchia Formation biogenic gas play in the Sicily Channel ("Play") and ADX' prospective resources estimates in the CR 150.AU Permit ("Permit").

The purpose of the review was to independently assess the available data, the validity of the Play, the assumptions and the methodologies used by ADX to determine the potential of the Permit and the Play.

RISC's independent review provides guidance and confidence in ADX's proposed forward work programme and has made the following key conclusions and recommendations:

• RISC recognises that the Miocene aged, Terravecchia Formation is a valid biogenic gas play in the Sicily Channel based on the analysis of the regional geology, offset wells and analogous discoveries at the nearby onshore Lippone-Mazara gas field and the offshore gas developments at the Argo-Cassiopea fields.

• RISC noted that in offset wells surrounding the Permit, the sandstones which are developed within the dominantly shaley Terravecchia Formation frequently displayed elevated mud gas shows during the drilling of historic wells.

• The methodology for determining prospective resources in ADX' prospect and lead inventory (shown in table 1 at the PDF file) was reviewed by RISC and accepted as a reasonable probabilistic representation of reservoir properties.

• RISC also confirmed that the lead/prospect areas and reservoir thickness assumptions used by ADX to determine gas volume estimates were reasonable.

• In addition, RISC has suggested that logging data from offset wells supports an increase in the net reservoir thickness for the calculation of "High Case Resource" estimates than was used by ADX.

• RISC supported ADX planned exploration program including the acquisition of modern 3D seismic for final, pre drill prospect definition and the application of direct hydrocarbon indicator (DHI) work flows for resource de-risking.

ADX accepts and concurs with the RISC's conclusions and recommendations in relation to the Company's future work program in the Permit.

ADX believes the Sicily Channel is a highly prospective gas play and a strategic asset capable of delivering meaningful volumes of gas into the European gas market. ADX intends to continue to dedicate significant personnel and financial resources to mature the Permit for drilling including further data purchases and the acquisition of new state of the art 3D seismic prior to drilling.

In order to keep our Shareholders appropriately informed, ADX will undertake further independent technical reviews as we continue to mature the Permit for drilling.

Cautionary Statement: Prospective Resources are those estimated quantities of petroleum that may potentially be recovered by the application of a future development project(s) related to undiscovered accumulations. These estimates have both an associated risk of discovery and a risk of development. Further exploration appraisal and evaluation is required to determine the existence of a significant quantity of potentially recoverable hydrocarbons.

ADX Executive Chairman, Mr Ian Tchacos, said, "The Board of ADX is very encouraged by the findings of the independent review conducted by RISC. RISC has endorsed the work done by our technical team and concurs with our planned work program to unlock the Permit's potential.

"RISC's assessment further highlights the importance of historic seismic and drilling data for identifying and derisking the potential of overlooked exploration opportunities. Our technical team led by Mr Paul Fink (our CEO) has uncovered a strategically important and significant gas play in an ideal location to access energy starved European gas markets. The Sicily Channel represents an optimal location for delivering gas into Europe via the Transmed pipeline which is adjacent to the Permit.

"ADX looks forward to providing further updates as we do more work to uncover the Permit's full resource potential."

For further details please contact:

Authorised for lodgement by Ian Tchacos, Executive Chairman

For more Details please see the PDF file!

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