ADX Energy Ltd.: Activities Report for the Quarter Ended 31 March 2024

The 3,000 BPD capacity Anshof Permanent Production Facility at Anshof-3 location / ADX Energy Ltd.

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Wien (pta036/29.04.2024/16:51) - ADX Energy Ltd (ASX: ADX, "ADX" or "the Company") is pleased to provide an update on its activities for the quarter ended 31 March 2024.

ADX Executive Chairman, Mr Ian Tchacos, said, "It has been an exceptional quarter for your Company with the gas liquids discovery at Welchau-1, the installation of the Anshof permanent production facility and preparation for recommencement of production at Anshof-3. We can now look forward to a very active, value adding program of activities including testing the Welchau-1 discovery, drilling an oil development well at Anshof, drilling a gas exploration well in Upper Austria and the potential deepening of the Welchau-1 discovery well to access further, deeper exploration potential.

HIGHLIGHTS

Past Quarter Overview

* Liquids rich gas discovery at the Welchau-1 exploration well, intersecting 450 metres of shows within the giant 100 km2 structure. Hydrocarbons observed at surface and recovered in a downhole sampling tool confirming moveable hydrocarbons. A comprehensive testing program is being planned to confirm the hydrocarbon composition, productive potential and recoverable volumes at the Welchau-1 location.
* Vienna Field Production averaged 177 BOEPD with sales revenue totalling A$ 1.83 million for the quarter. Austrian production was down by 19% as a result of multiple well down time due to corrosion and sand influx. A well work over program was deployed to restore production and Anshof-3 remained shut-in whilst the Permanent Production Facility (PPF) was installed.
* The new Anshof Field PPF, with a maximum capacity of 3,000 BPD, was installed, commissioned and hooked up to the Anshof-3 well. Installation was completed safely, on time and within budget. Production recommenced at a rate of 134 BOPD from the Anshof-3 well into the new facility on 3 April 2024.
* Planning commenced for the drilling of the Anshof-2 side track well in Q4 2024.
* Completion of MND Farmin to fund drilling gas prospect LICHT or IRR in the ADX-AT-I licence scheduled for drilling in Q4 2024.
* LICHT Prospect fully permitted and IRR permitting is in progress in preparation for drilling.
* Cash balance at end of the March quarter was A$7.16 million.

Next Quarter Planned Activities

* Detailed analysis of Welchau-1 drilling, log, core and drilling data in preparation for a resources assessment for the new discovery.
* Welchau-1 well test planning, design and approvals. Planning for the possible deepening of the well to evaluate remaining exploration potential below the 7" casing in the well.
* Commence permitting and environmental clearance work for a Welchau appraisal well.
* Increasing production from Anshof-3 and the Vienna Basin Field with the recovery of production from repaired wells. Ongoing preparation and planning for the drilling of the Anshof-2 side track well in Q4 2024. Assessment of follow up drilling targets at Anshof.
* Finalise drilling preparation and approvals for the drilling of the MND ADX-AT-I gas farmin well in Q4 2024.
* Mature large, high impact gas prospects for farmout in 100% equity held acreage in the ADX-AT-I licence.

For further details please see the PDF files.

(Ende)