ADX Energy Ltd.: Activities Report for the Quarter Ended 30 June 2024

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Wien (pta011/01.08.2024/09:16) - ADX Energy Ltd (ASX: ADX, "ADX" or "the Company") is pleased to provide an update of its activities for the quarter ended 30 June 2024.

Past Quarter Highlights

* Austrian Net Production increased by 31% averaging 231 BOEPD resulting in sales revenue totalling A$2.4 million for the quarter.
* The new Anshof Field Permanent Production Facility, with a maximum capacity of 3,000 BPD, was commissioned and is now achieving 95% uptime.
* Permitting, planning, procurement and rig contract in place for the drilling of the Anshof-2A oil appraisal well during September 2024, and the first gas exploration well in the ADX-AT-I exploration licence in October 2024.
* Ongoing structural interpretation, reservoir characterisation, resource estimation and well test planning for the 450-metre hydrocarbon column encountered in the Welchau-1 well.
* A$13.5 million placement, primarily to institutional investors, and a cash balance at end of the quarter of A$12.6 million.

Next Quarter Planned Activities

* Drilling of the Anshof-2A oil appraisal well during September 2024.
* A resource review for the Welchau-1 gas liquids discovery in early September 2024.
* Finalisation of the Welchau-1 testing strategy and program in readiness for testing during Q4 2024.
* Welchau-1 well test environmental approvals during Q3 2024 for Q4 2024 and Q1 2025 testing program.
* Selection of ADX-AT-I gas exploration well and well site construction for drilling in October 2024.
* Mature Welchau follow up exploration targets and large, high impact gas in 100% equity held acreage in the ADX-AT-I licence.

ADX Executive Chairman, Mr Ian Tchacos, said, "An exceptional gas and condensate discovery at Welchau, the installation of a permanent oil production facility at the Anshof field and a successful capital raising program have positioned ADX for a period of well-funded and transformational activity during the second half of 2024. The Company can look forward to production testing the large hydrocarbon column encountered at Welchau, the drilling of an appraisal well to build oil production at Anshof, as well as the drilling of a high impact gas exploration prospect within its extensive Austrian portfolio, located in the heart of energy starved Europe."

For further details please see the PDF files.

(Ende)