ADX Energy Ltd.: Update Lichtenberg-1 Gas Exploration Well

Location of the LICHT-1 and Anshof-2A; ADX Energy Ltd.

[ Report ]

Wien (pta040/15.10.2024/16:19) - Key points

* The Lichtenberg-1 ("LICHT-1") gas exploration well, located in the ADX-AT-I licence in Upper Austria was spudded at 07:00 am Central European Time on the 26th of September 2024. The RED Drilling & Services GmbH (RED) E-202 rig is being used to drill the well. ADX is the operator and will retain a 50% economic interest in the well and the MND Investment Area after completion of earn in obligations by MND. ADX will retain a 100% interest in the remainder of the ADX-AT-I licence.
* At 6:00 am CET on the 14th of October 2024 the status of well operations was preparing to log the 8 ½ inch hole. The currently drilled depth of the well is 1905 metres measured depth (MD).
* Previous operations since last report includes drilling ahead in 8 ½ inch hole from 1288 metres MD to the current depth.
* The LICHT-1 well is targeting an Upper Oligocene sandstone reservoir as well as two slightly shallower and geologically similar reservoirs. The targeted sandstone reservoirs can be highly productive based on offset production wells in the area. The LICHT-1 well is expected to take approximately 30 days to drill. The first Oligocene reservoirs are expected from around 2000 metres MD, with the main target reservoir expected from approximately 2500 metres MD. The well total depth is approximately 2900 metres MD.
* There are multiple, similar and close by follow-up prospects to Lichtenberg which are also covered by high quality 3D seismic. These drilling targets, if successful, would allow ADX and its partner to develop a large reserve base with long term gas production (refer to Lichtenberg Prospect Summary in Appendix 1).
* The next weekly Operations Report will be provided on 22nd of October 2024.

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