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

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Wien (pta018/23.10.2024/15:05) - ADX Energy Ltd (ASX: ADX, "ADX" or "the Company") is pleased to provide an update of its activities for the quarter ended 30 September 2024.

Past Quarter Highlights

* Austrian Net Production averaging 217 BOEPD with sales revenue A$2.3 million for the quarter.
* The Anshof-2A side track oil appraisal well encountered a 6.5-metre net vertical oil column in high quality Eocene aged sandstone reservoirs.
* A revised range of Prospective Resources for the Welchau-1 discovery well was announced on 26 September 2024 with the advice that hydrocarbons are likely to be a high API light oil and associated gas discovery rather than a liquids-rich gas discovery as was predicted prior to drilling.
* The Lichtenberg-1 gas exploration well, located in the ADX-AT-I licence was spudded.
* Permitting, planning, procurement and design continued for the testing of the Welchau-1 oil and gas discovery during the fourth quarter of 2024.
* Follow up Welchau play exploration targets have been identified and evaluated including the deepening of Welchau-1 and the Rossberg step out lead.
* ADX' cash at the end of the quarter was A$ 16.1 million.

Next Quarter Planned Activities

* Tie in and commencement of production from the successful Anshof-2A oil appraisal well.
* Drilling and evaluation of the Lichtenberg-1 gas exploration well.
* Production testing of the Welchau-1 oil and associated gas discovery.
* Continue to mature Welchau follow up exploration targets and large, high impact gas targets in 100% equity held acreage in the ADX-AT-I licence.

ADX Executive Chairman, Mr Ian Tchacos, said, "The past quarter has been a period of exceptional operational activity including the drilling of the successful Anshof-2A oil appraisal well, commencement of drilling the Lichtenberg-1 gas exploration well, as well as finalising the necessary analysis work and preparations to production test the Welchau oil and gas discovery. Our Shareholders can now look forward to additional oil production from Anshof-2A, the results from the play opening Lichtenberg-1 gas exploration well and production testing results from the potentially transformational Welchau-1 discovery. ADX' goal from our ongoing appraisal and exploration activities is to develop a substantial oil and gas resources base in Austria, a country which is highly dependent on oil and gas imports in the heart of energy starved Europe."

For more details please see the PDF file.

(Ende)