Announcement PDF Essential Energy Conference AN ASX LISTED EUROPEAN ENERGY PRODUCER AND EXPLORER 18 September 2024 I n v e s t o r P r e s e n t a t i o n ASX:ADX adxenergy.com.au DISCLAIMER (CAUTIONARY) STATEMENT IMPORTANT NOTICE: This document has been prepared by ADX Energy Ltd (“ADX”) for the purpose of providing information to interested analysts, investors and shareholders. Any statement, opinions, projections, forecasts or other materials contained in this document do not constitute any commitments, representations or warranties by ADX or its directors, agents and employees. Except as required by law, and only to the extent so required, directors, agents and employees of ADX shall in no way be liable to any person or body for any loss, claim, demand, damages, costs or expenses of whatsoever nature arising in any way out of, or in connection with, the information contained in this document. This document includes certain statements, opinions, projections, forecasts and other material, which reflect various assumptions. The assumptions may or may not prove to be correct. ADX recommends that potential investors consult their professional advisor(s) as investment in the company is considered to be speculative in nature. The information in this presentation is in summary form only and does not contain all the information necessary to fully evaluate any transaction or investment. It should be read in conjunction with ADX’ other periodic and continuous disclosure announcements lodged with the ASX. This document does not constitute an offer, invitation or recommendation to subscribe for or purchase securities and does not form the basis of any contract or commitment. Pursuant to the requirements of the ASX Listing Rule 5.41 and 5.43 the technical and Prospective Resources information relating to Austria and Italy contained in this presentation has been reviewed by Paul Fink as part of the due diligence process on behalf of ADX. Mr. Fink is Technical Director of ADX Energy Ltd is a qualified geophysicist with 30 years of technical, commercial and management experience in exploration for, appraisal and development of oil and gas resources. Mr. Fink is a member of the EAGE (European Association of Geoscientists & Engineers) and FIDIC (Federation of Consulting Engineers). ADX confirms that it is not aware of any new information or data that may materially affect the information included in the relevant market announcements for reserves or resources and that all material assumptions and technical parameters underpinning the estimates in the relevant market announcements continue to apply and have not materially changed. As noted on slide 3, the Prospective Resources include the Welchau Gas Liquids Discovery which are currently under review. The Company’s Prospective Resources estimates will be revised following the update of Welchau Prospective Resources estimates and the update of other prospects in ADX’ Austrian exploration portfolio. Independent audit of developed reserves have been completed for ADX’ Zistersdorf and Gaiselberg fields (“Fields”) in the Vienna basin and Anshof in Upper Austria (Austria) by RISC Advisory Pty Ltd (“RISC”). RISC conducted an independent audit of ADX’ Fields evaluations, including production forecasts, cost estimates and project economics. Production from existing wells is classified as Developed Producing. Production from planned recompletion of existing wells to new intervals is classified as Developed NonProducing. RISC is an independent advisory firm offering the highest level of technical and commercial advice to a broad range of clients in the energy industries worldwide. RISC has offices in London, Perth, Brisbane and South-East Asia and has completed assignments in more than 90 countries for over 500 clients and has grown to become an international energy advisor of choice. PRMS RESERVES CLASSIFICATIONS USED IN THIS PRESENTATION: Developed Reserves are quantities expected to be recovered from existing wells and facilities. Developed Producing Reserves are expected to be recovered from completion intervals that are open and producing at the time of the estimate. Developed Non-Producing Reserves include shut-in and behind-pipe reserves with minor costs to access. Undeveloped Reserves are quantities expected to be recovered through future significant investments. A. Proved Reserves (1P) are those quantities of Petroleum that by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be commercially recoverable from known reservoirs and under defined technical and commercial conditions. If deterministic methods are used, the term “reasonable certainty” is intended to express a high degree of confidence that the quantities will be recovered. If probabilistic methods are used, there should be at least a 90% probability that the quantities actually recovered will be equal or exceed the estimate. B. Probable Reserves are those additional Reserves which analysis of geoscience and engineering data indicate are less likely to be recovered than Possible Reserves. It is equally likely that actual remaining quantities recovered will be greater than or less than the sum of the estimated Proved plus Probable Reserves (2P). In this context, when probabilistic methods are used, there should be at least a 50% probability that the actual quantities recovered will equal or exceed the 2P estimate. C. Possible Reserves are those additional Reserves that analysis of geoscience and engineering data suggest are less likely to be recoverable that Probable Reserves. The total quantities ultimately recovered from the project have a low probability to exceed the sum of Proved plus Probable plus Possible (3P) Reserves, which is equivalent to the high-estimate scenario. When probabilistic methods are used, there should be at least a 10% probability that the actual quantities recovered will equal or exceed the 3P estimate. Possible Reserves that are located outside the 2P area (not upside quantities to the 2P scenario) may exist only when the commercial and technical maturity criteria have been met (that incorporate the Possible development scope). Standalone Possible Reserves must reference a commercial 2P project. PROSPECTIVE RESOURCE CLASSIFICATIONS USED IN THIS PRESENTATION: 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 explorations appraisal and evaluation is required to determine the existence of a significant quantity of potentially moveable hydrocarbons. P(90) Estimate or Low Estimate: means at least a 90% probability that the quantities actually recovered will equal or exceed the estimate. P(50) Estimate or Best Estimate: means At least a 50% probability that the quantities actually recovered will equal or exceed the estimate. P(10) Estimate or High Estimate: means At least a 10% probability that the quantities actually recovered will equal or exceed the estimate. OIL AND GAS CONVERSIONS BOE means barrels of oil equivalent. Bcfe means billion of cubic feet of gas equivalent. Gas to oil conversion used in this presentation: 6 mcf of gas = 1 barrel of oil. Mcf means thousand cubic feet of gas ADX Energy (ASX: ADX) | Investor Presentation | September 2024 2 INVESTMENT PROPOSITION AND OPERATING STRATEGY Increasing Operating Cashflow 231 boepd net oil & gas production1 Reserves and Production Growth from New Discovery Value Adding, World-class Complementary Exploration Renewable Portfolio in the Projects heart of Europe 1.64 mmbbl 2P Reserves @ Vienna Basin Fields only. Anshof Field subject to review 2 Operating Capability Fully Funded Work Program Ability to generate and operate projects Funded by Farmouts 213 mmboe 3 Prospective Resources A$13.5M placement 47 MW combined renewable energy potential 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 explorations appraisal and evaluation is required to determine the existence of a significant quantity of potentially moveable hydrocarbons. The Prospective Resources include the Welchau Gas Liquids Discovery which are currently under review. The Company’s Prospective Resources estimates will be revised following the update of Welchau Prospective Resources estimates and the update of other prospects in ADX’ Austrian exploration portfolio. 1 Q2 2024 average production from the Zistersdorf & Gaiselberg fields and Anshof field. 2 ref. Reserves Reporting Date & Valuation (Independently Audited) 04.11.2021 less production to 31 December 2023, 3 Best technical Prospective Resources for Upper Austria only. Prospective Resources reporting date update 22.06.2023 ADX Energy (ASX:ADX) | Investor Presentation | September 2024 3 OPERATING AND FINANCIAL HIGHLIGHTS OPERATING AND FINANCIAL HIGHLIGHTS Operationally ready and fully funded for appraisal, exploration and testing program 2024 Operations Program Capital Structure ASX: ADX FRA: GHU Number of Shares on Issue 568.7M Options 115.7M Market Capitalisation (@ 11 cents on 16-09-24) A$62.6M Cash at Bank (unrestricted 30 June 2024) A$12.6M Debt (net of restricted cash for debt) A$1.6 M Enterprise Value A$51.6M 1 2 Drill Anshof-2A Oil Appraisal Well Targeting thicker and high porosity Eocene reservoirs in extension of closure proven by Anshof-3 producing well. Successful well just drilled that will lead to increased production in a few weeks. - September 2024 Drill LICHT-1 Gas Exploration Well High impact, rapid tie-in play opening well in ADX-AT-I licence – Funded by MND co-investment October 2024 3 Test Welchau-1 Discovery Extended production testing of potentially large liquids- rich gas discovery October 2024 to March 2025 ADX Energy (ASX: ADX) | Investor Presentation | September 2024 4 HIGH IMPACT OPERATIONS PROGRAM FOCUSSED ON UPPER AUSTRIA 1 2 3 Oil appraisal well with large potential production impact into new onsite 3,000 BPD processing facility. ADX-AT-I gas exploration well, with play opening potential funded by recent farmout. Test gas & liquids production potential from 450 m of hydrocarbon shows in multiple, carbonate reservoirs. 1022 km2 licence area with 50% historical success rate Successful well now being prepared for production. Mostly produced Oil and Gas Field province 2 LICHT-1 1 ANS-2A ANSHOF 3 WEL-1 Additional Prospect detailing underway using 3D seismic. More announcements as we progress. ADX Energy (ASX: ADX) | Investor Presentation | September 2024 5 ANSHOF-2A SIDETRACK OIL APPRAISAL WELL WELL SPUDDED IN EARLY SEPTEMBER 2024 WITH 6.5 M OIL COLUMN INTERSECTED – PARTLY FUNDED BY MND FARMOUT  ADX economic interest (EI) in Anshof-2A is 60%, MND EI is 40%. ANS-2A up-dip location  The Anshof-2A sidetrack will target high quality reservoir up dip of Anshof-2.  Well cost minimised by using existing ANS-2 well bore to side track below 9 5/8” casing.  3,000 bpd permanent production unit installed & commissioned onsite in Apr-24.  ANS-3 production recommenced during the June-24 quarter (~110 bopd). Log Cross Section  ADX believes that all valid closures in the area are filled to spill with oil. ANS-3 vs ANS-2 Wells Comparison  Net thickness: 2m vs 12m  Average porosity: 12% vs 15% Anshof Permanent Production Facility at ADX’s Anshof-3 location Potential for a muchenhanced oil productivity for ANS-2A vs ANS-3 ADX Energy (ASX: ADX) | Investor Presentation | September 2024 6 ANSHOF-2A SIDETRACK OIL APPRAISAL WELL – THE RESULT  6.5 m oil column intersected by the Anshof -2A Oilfield Appraisal well.  Long term well production test in preparation.  Remapping of the field also commencing with benefit of extra data point. A-3 A-2A A-2 OWC Existing producer Shows connection with producer Anshof -3 area, enhanced reservoir with 6.5m oil column (vs 2m in A-3). To be completed as 2nd Producer Shows a comparison of the Eocene sand thickness (shown in yellow) encountered in the Anshof-3 well Anshof Permanent Production Facility at ADX’s Anshof-3 location (LHS), the ANS-2A well (Middle) and the Anshof-2 well (RHS) ADX Energy (ASX: ADX) | Investor Presentation | Operations Update | August 2024 7 LICHT-1 EXPLORATION WELL (ADX MINIMUM 50% INTEREST) DRILLING OF LICHT-1 TO COMMENCE IN OCTOBER 2024 WITH EXTENSIVE FOLLOW UP POTENTIAL  Prospect already permitted and rig being contracted to drill LICHT-1.  LICHT’s resource estimate upgraded based on updated mapping from 3D reprocessing and a review of reservoir distribution. and quality. Best Estimate Prospective Resources of 21.1 Bcf*¹ with the discovery of hydrocarbons assessed as low risk.  ADX economic interest (EI) in LICHT-1 is 50%, MND EI is 50%.  Anticlinal P90 closure with a seismic anomaly that may represent direct evidence of gas fill  Positioned along a mapped, sand delivery trend. Further targets deeper.  Target depth of 2,295 m TVD costed at A$8.5 MM (EURO 5.1 MM) dry hole & also subject to MND’s EIA funding.  With success at LICHT-1 there are 3 low risk followup prospects nearby to LICHT and near existing facilities. LICHT Prospective Resource LICHT-001 Uplifted with high amplitude character Follow-up prospect Proven reservoir Interpreted sand-prone trend LICHT-001 Estimates (EUR Bcf) *Refer to Cautionary Statement in Slide 2 and 3 of this presentation. ¹ Original Prospective Resources reporting date 22.06.2023, updated 20.08.2024. LOW 7.6 BEST 21.1 HIGH 56 ADX Energy (ASX: ADX) | Investor Presentation | September 2024 8 TESTING OF WELCHAU-1 GAS LIQUIDS DISCOVERY MULTI - ZONE PRODUCTION TEST PROGRAM COMMENCING IN OCTOBER 2024  ADX economic interest (EI) in Welchau is 75%, MCF Energy EI is 25%.  Testing program design is intended to determine hydrocarbon type, productivity and resource potential.  Multiple tests expected across 450 m of hydrocarbon shows intersected over three carbonate formations.  Permitting submitted for testing operations between 1 October 2024 to 31 March 2025.  Forward work program prior to testing includes:  Finalisation of testing program  Welchau resource update  Resource potential of Welchau deeper reservoirs and follow-up prospects Austrian Alps: Giant Welchau 100 km2 Triassic Reservoir anticline Welchau-1 Molln-1 (1989 Gas Discovery flowed - 4.0 MMCFD) Welchau anticline structure, including a 2D seismic line and the geology draped over the digital elevation model ADX Energy (ASX: ADX) | Investor Presentation | September 2024 9 KEY VALUE DRIVERS  Large gas and liquid resource potential at an onshore location in premium energy market.  Excellent availability of infrastructure for gas (18 km) and liquids (40 km).  Shallow and relatively low drilling costs.  Relatively short development time frames especially in the case of liquids.  Excellent demand and pricing for gas (Dutch TTF) & liquids (Brent).  Deeper exploration potential in Welchau well.  Play opening discovery with multiple follow up targets. Welchau Profitability Index Ratio¹ vs other gas projects in Europe 4.00 Profitability Index Ratio based on NPV10 WELCHAU ECONOMIC CHARACTERISTICS 3.50 Welchau generates superior 3.00 economics to other gas projects in Europe 2.50 2.00 3.92 5.5 times higher PIR2 1.50 1.00 0.79 0.50 0.00 Welchau (Austria) 0.65 Pensacola (U.K. North Sea) Colle Santo (Italy) Welchau Pensacola3 Colle Santo4 Location Austria (onshore) U.K. (offshore) Italy (onshore) Gross resources 55 mmboe (1U) 51 mmboe (2C) 11 mmboe (2P) Gross CAPEX USD 177 mil. US$ 884 mil. US$ 95 mil. Gross NPV10 USD 694 mil. US$ 663 mil. US$ 62 mil. Refer to Cautionary Statement in relation to Prospective Resources on Page 2 of this presentation European Gas Market Trends Piped gas supplies from Russia increasingly unreliable and politically undesirable Imported LNG or increased domestic supply only credible alternatives to Russian gas Current European gas price (US$17.50 per mcf equiv.) 8 times higher than in the USA* * Based on Dutch TTF & US pricing on 16 Aug 2024 87% of Austria’s gas is imported and 65% sourced from Russia in 2023 Supplied via Ukraine ¹ Profitability Index (or PIR) calculated as project NPV10 divided by project CAPEX. 2 PIR based on NPV10 at EUR 40 per MWh or equivalent.3 Source: Deltic Energy Plc. 4 Source: Reabold Resources Plc ADX Energy (ASX:ADX) | Investor Presentation | September 2024 10 MULTIPLE LOW TO MEDIUM RISK GAS TARGETS IN ADX’ WESTERN, AT-I ACREAGE (ADX MINIMUM 50% INTEREST – IT’S NOT JUST ABOUT THE IMPENDING LICHT-1!)  ADX has mapped > 10, shallow and deeper drill, gas Leads and Prospects in the ADX-AT-I licence area.  A large portion of the ADX-AT-I area is subject to a partnership with MND which will largely fund the next well, earning a 50% EI with the remainder of the ADX-AT-I area held by ADX 100%.  ADX-AT-I area is mostly covered by 3D seismic that is being reprocessed by ADX.  Using the 3D data, resource estimates are being re-evaluated for all the currently mapped Leads and Prospects.  Drilling of the first well targeting this prospectivity, LICHT-1, will commence in October 2024.  As the Company’s work progresses in 2024 there will be further data releases updating the status of each drill target. Multiple Attractive Gas Prospects already mapped Updates Coming LICHT-1 Commencement of drilling October 2024 Results expected ~2 weeks after spud Mapping trends with reprocessed 3D seismic Results announced as work completed Many of the Prospects mapped by ADX are lookalikes to existing gas fields in the area and display seismic amplitude anomalies that are interpreted as gas charged ADX Energy (ASX: ADX) | Investor Presentation | September 2024 11 ADX-AT-I PROSPECTIVITY (ADX MINIMUM 50% INTEREST) DRILLING OF LICHT-1 TO COMMENCE IN OCTOBER 2024 WITH EXTENSIVE FOLLOW UP POTENTIAL  Prospect already permitted and rig being contracted to drill LICHT-1.  An upgrade to LICHT’s estimated resources has resulted from updated mapping with the benefit of the 3D. reprocessing and a review of reservoir distribution and quality¹. Plus, other 3D- covered, High POS Prospects Mature Gas Field province ADX-AT-I LICHT - 2024 DRILL PROSPECT Resource Estimates EUR Bcf LOW BEST HIGH 7.6 21.1 56 STOET, HERR & GOLL – 3 LICHT FOLLOW-UP PROSPECTS  Resource estimates to be updated. The 3 prospects combined are estimated on a preliminary basis to have resource potential double the size of the LICHT prospect. *Refer to Cautionary Statement in Slide 2 and 3 of this presentation. ¹ Original Prospective Resources reporting date 22.06.2023, updated 20.08.2024. ADX Energy (ASX: ADX) | Investor Presentation | September 2024 12 FOLLOW UP PROSPECTS TO A LICHT-1 DISCOVERY N A S A A LICHT Prospect HERR Prospect B IRR LICHT Prospect A A BB LICHTENBERG HERR STOET HERR Proven reservoir W BB LICHT LICHT-001 Prospect (prosp.) STOET-001 (prosp.) STOET Prospect Flysch & Helvetic imbricates E Two leads (STOET, HERR) are mapped on the same seismic reflector as that of the LICHT prospect as structural highs.  A LICHT-1 discovery would significantly upgrade these Leads to Prospects together with GOLL (Refer Slide 11). Lower Puchkirchen Fm.  A preliminary Best Estimate Prospective Resource for the total of the 3 prospects could be more than double that of LICHT.  Seismic reprocessing (PSTM & PSDM) is currently being undertaken to further de-risk these leads. PSTM seismic *Refer to Cautionary Statement in Slide 2 and 3 of this presentation. ADX Energy (ASX: ADX) | Investor Presentation | September 2024 13 ACTIVE WORK PROGRAM IN UPPER AUSTRIA RED drilling rig at the Anshof-3 well in ADX’s Upper Austria licence Overview of Near-Term News flow WELCHAU ANSHOF 2A Welchau well testing planning and resources update Completion and tie-in of well, ahead of new commercial production Late September 2024 October 2024 LICHT-1 GAS EXPLORATION WELL Commencement of drilling LICHT-1 gas exploration well Early October 2024 Results expected ~4 weeks after WELCHAU Commencement of Welchau well testing program Early October 2024 Ongoing results across multiple zone testing program ADX Energy (ASX: ADX) | Investor Presentation | September 2024 14 PLEASE ALSO CONSIDER THIS ABOUT ADX….. ADX Energy (ASX: ADX) | Investor Presentation | September 2024 15 Austria is a Tier 1 jurisdiction – a significant hydrocarbon province with excellent infrastructure & HIGH market values Gas currently US$17.50/Mcf meaning highly profitable reserves ADX already has cash flow and is in a Basin Master position with access to: • Valuable 3D seismic, access to infrastructure; and • Well trained “Boots On The Ground” ADX is only the third Hydrocarbon Production and Exploration Company to Operate in Austria in some 75 years Austria is highly dependent on imports and vulnerable to supply interruptions to Russian gas Austrian Government Support • Discoveries can become producers quickly by comparison with anywhere but a few parts of the USA • Domestically sourced, responsibly produced oil and gas to reduce foreign reliance with over 70% of the Country’s energy being imported All ADX’s predecessors have been very large Companies, thus creating an ideal environment for a smaller, flexible and ambitious Company to enter ADX has so far, already drilled 3 out of 4 new field discovery and field appraisal wells Additional exploration drilling is set to begin in October 2024 Our dependence on Russian natural gas threatens the prosperity, security and future of our country. Our goal is to get out of Russian natural gas. As a sovereign country, we cannot simply accept that the share of Russian gas increases instead of decreases. That is why we will now present the next measures” Leonore Gewessler, Climate Protection & Energy Minister ADX Energy (ASX: ADX) | Investor Presentation | September 2024 16 Thank You For further information: Ian Tchacos Executive Chairman ian.tchacos@adxenergy.com.au Paul Fink Chief Executive Officer paul.fink@adx-energy.com Amanda Sparks Finance Manager & Company Secretary amanda.sparks@adxenergy.com.au 17 ASX: ADX adxenergy.com.au Connect with Us