Announcement PDF ADX Energy Ltd (ASX:ADX) ASX RELEASE __________________________________________________________________________________________________________ ADX Energy Ltd | ABN 50 009 058 646 Registered and Principal Office Australia: Level 1, 168 Stirling Highway, Nedlands 6009, Western Australia Telephone: +61 8 9381 4266 | admin@adxenergy.com.au | www.adxenergy.com.au Page | 1 26 October 2026 Activities Report For the Quarter Ended 30 September 2026 ADX Energy Ltd (ASX: ADX, “ADX” or the “Company”) is pleased to provide an update on its activities for the quarter ended 30 September 2026. SUMMARY OF RESULTS Current Quarter Previous Quarter % age Change Average Net Production Rate (BOEPD) 242 197 +23 % Average Oil Price Brent (US$/bbl) US$ 97.00 US$ 104.52 -7% Average Gas Price (EUR/MWh) EUR 53.7 EUR 48.7 +10% Sales and Other Revenue (cash received) A$ 3.13 million A$ 3.12 million -% Cash Unrestricted 1 A$ 2.3 million A$ 2.2 million +5% 1 Excludes restricted funds for bonds and guarantees of A$ 1.2 million. Quarter Highlights REPORTED EVENTS AND HIGHLIGHTS Reporting Date AUSTRIA Vienna Basin behind pipe perforations increases Austrian Production 35% to 285 barrels per day 9 July 2026 HOCH-1, Phase 1 comingled flow rate from four (4) tested zones averaged 3.15 MMCFPD (548 boepd) 28 August 2026 Empyrean Energy plc (“Empyrean”) entered into a Binding Heads of Agreement to earn a 10% economic interest in the GOLD Cluster Area upon paying 20% of GOLD-1 well costs 14 September 2026 Discussions continue with other interested parties to farm-in to the GOLD Cluster Area N/A Land secured to drill the PERG-1 Anshof near-field oil prospect N/A Farmout process for PERG-1 well is ongoing (100% ADX interest) N/A Completed pre-stack-depth-migration (PSDM) to de-risk and map large gas prospects N/A Vienna Basin Field production enhancement planned to commence on 27 October 2026 N/A SICILY CHANNEL RISC Advisory Pty Ltd independent review confirms gas play and supports Sicily Channel resource estimates methodology 619 BCF P(mean) Prospective Resource Estimates 3,4 6 July 2026 Three Sicily Channel exploration permit applications submitted to the Italian Ministry of Environment and Energy Security to extend gas play position 4 September 2026 CORPORATE A$3.58 million placement to new and existing sophisticated investors 22 July 2026 3 Refer to Prospect Inventory in Appendix I of this report. 4 Cautionary Statement: Prospective Resources are those estimated quantities of petroleum that may potentially be recovered by the application of a future development project(s) relate to undiscovered accumulations. These estimates have both a risk of discovery and a risk of development. Further exploration appraisal and evaluation is required to determine the existence of a significant quantity of potentially recoverable hydrocarbons. ADX Energy Ltd (ASX:ADX) ASX RELEASE Page | 2 Next Quarter Activities Austria • Well work program to further increase Vienna Basin Field production • HOCH-1 well discovery Phase 2 gas testing • Finalise Energy Investment Agreement with Empyrean for the GOLD Cluster Area • Continue farmout programme for GOLD-1 well and PERG-1 well • Well site construction and preparation for drilling GOLD and SCHOE shallow gas prospects • Permitting for drilling PERG-1 oil well. • Advance technical studies supporting deepening of the Welchau-1 well to target gas condensate updip of the Molln-1 gas discovery well • De-risk and map large Upper Austria Jurassic gas prospects using the new pre-stack-depth-migration (PSDM) dataset Sicily Channel • Awaiting the conclusion of the three-month competition period following publication in the Official Journal of the European Union, to determine whether other interested operators have submitted competing applications for the same areas covered by ADX’s three applications • Finalise the preliminary environmental screening of the area covered by the three applications • Refine existing prospects and identify potential new leads and prospects through interpretation of the processed seismic data and purchased well data Testing at the HOCH-1 shallow gas discovery well in Upper Austria ADX Energy Ltd (ASX:ADX) ASX RELEASE Page | 3 ADX Executive Chairman, Mr Ian Tchacos, said “The Board of ADX is focussed on increasing production, low risk gas development and high impact exploration. We are very pleased to report a number of significant milestones which impact both the near term and medium-term growth of the Company. A well work programme at our Vienna Basin fields has resulted in a significant increase production by 23% to 248 barrels of oil equivalent per day. Further well work planned at the Vienna Basin fields during the coming quarter is expected to further increase production by approximately 100 barrels of oil equivalent per day. The ongoing testing of the HOCH-1 gas discovery has provided encouraging results from the first four zones tested. The next phase of testing requires the drilling of a plug to access a potentially extensive high permeability gas zone. If successful, the next zone tested may confirm the commerciality of the HOCH-1 well and provide the confidence for a potential well tie in. The next test results are expected in mid-December. In addition to the HOCH-1 well testing, ADX has been making the necessary preparations for the drilling of the highly prospective GOLD-1 well. GOLD-1 is a low-risk prospect approximately 300 metres from a pipeline tie in. Well site construction will commence in late October allowing rig mobilisation to commence by year end. The farmin by Empyrean into GOLD on a two for one basis not only provides attractive funding terms, it also demonstrates the potential of the GOLD prospect. Preparations for drilling the PERG-1 near field oil prospect have commenced. Permitting and land access work being undertaken will enable drilling of the well early in 2027. PERG is a highly prospective well that provides large reserves potential in close proximity to the Anshof oil processing facility. A discovery would be rapid to develop and economically attractive given its proximity to infrastructure. Both GOLD and PERG are receiving strong attention from potential farminees. We expect to conclude further farmins for both prospects in the near future. This will ensure that these prospects are drilled with reduced financial burden in the Company while retaining a majority interest. In addition to the progress being made in Austria, three Sicily permit applications have been made that are proximal to ADX’ existing C.R 150.AU Exploration Permit. If the applications are successful, ADX will hold approximately 1650 km2 of acreage in a highly prospective gas trend. During the recent quarter an independent review by RISC Advisory Pty Ltd recognised that the Miocene aged, Terravecchia Formation is a valid biogenic gas play in the Sicily Channel based on their analysis of the regional geology. We look forward to reporting our progress during the December quarter. We expect to provide further updates on increased production from our Vienna Basin well work programme , additional results from the ongoing HOCH-1 testing programme, the commencement of GOLD-1 operations and the results of the permit applications in the Sicily channel applications. ADX Energy Ltd (ASX:ADX) ASX RELEASE Page | 4 OPERATIONS REPORT Production Activities Production Operations Austrian oil-equivalent sales volumes increased by 14% during the quarter, driven primarily by a well workover programme at the Vienna Basin fields. Early in the quarter, perforation of behind-pipe reserves in two producing wells restored and enhanced production, increasing ADX’s net Austrian production rate by 35% (refer ASX release 9 July 2026). Oil and gas production at the Vienna Basin fields averaged 176 BOEPD during the September quarter, compared with 138 BOEPD in the previous quarter. The Anshof-3 and Anshof-2A wells contributed net sales of 66 BOPD during the quarter, compared with 58 BOPD in the previous quarter. Including the Anshof oil field and the Vienna Basin fields, the total net sales averaged 242 BOEPD during the quarter up 23% from the previous quarter. Well Work Over Programme and Behind Pipe Perforations During June and July 2026 the Vienna Basin workover programme focused on assessing behind-pipe volumes and undertaking necessary well repairs. In early July, new reservoir intervals were successfully perforated in two (2) production wells, GA-10A and GA-93, adding 24 BOPD of oil and 52 BOEPD of gas, respectively. The programme also included one (1) subsurface repair and one (1) equipment replacement. Workover activities will resume at the end of October. The workover programme for the quarter ending December 2026 will primarily comprise reservoir perforations in the GA-93 and GA-87 production wells to access additional behind-pipe volumes, together with one equipment repair. Collectively, these three interventions are expected to add approximately 100 BOEPD of production and further enhance the profitability of the Vienna Basin fields. ZISTERSDORF AND GAISELBERG PRODUCTION ASSETS – Vienna Basin, Austria ADX is operator and holds a 100% interest in the production ANSHOF OIL DISCOVERY – ADX-AT-II licence, Upper Austria ADX is operator and holds a 70% economic interest in Anshof-3 production and a 60% economic interest in Anshof-2A production ADX Energy Ltd (ASX:ADX) ASX RELEASE Page | 5 Production histogram showing ADX net Austrian barrels of oil and gas (oil equivalent) production during the current quarter and the previous quarter Field Revenues and Product Pricing Brent referenced oil pricing decreased by 7% during the September quarter, averaging US$ 97.00 per barrel. Gas prices averaged EUR 53.66 per MWh (equivalent to US$ 18.0 per MMBTU) for the quarter. July Aug Sept Current Qtr Total Past Qtr Total %age Change Avg Oil Pricing (US$ / BBL) 83.41 $ 90.84 $ 116.77 $ 97.00 $ 104.52 $ -7% Avg Gas Price (Euro / MWh) 45.60 € 53.43 € 61.95 € 53.66 € 48.68 € 10% Table 1 - Quarterly Sales Price Summary ADX Energy Ltd (ASX:ADX) ASX RELEASE Page | 6 Oil and gas sales revenue histogram showing the impact of production and oil and gas price on revenue Table 2 below shows a breakdown of sales revenues. Revenues increased to EUR 1,774,511 for the September quarter compared to EUR 1,496,143 in the previous quarter due to increased production and stronger gas pricing. Sales revenues are expected to be maintained during the December 2026 quarter. Hedging There were no hedging contracts in place during the quarter. ADX continues to monitor market conditions for further hedging during 2026. ADX Energy Ltd (ASX:ADX) ASX RELEASE Page | 7 Infill Well Drilling Programme Definition and Planning The Vienna Basin Oil and Gas Fields’ 2027 infill drilling and appraisal programme comprises one production well, GA-96, and one appraisal well, RAG-57 (see map below). Both wells offer attractive economics, supported by minimal royalties, available processing capacity, low incremental operating costs and Brent-linked oil pricing. Vienna Basin fields production permits and in fill well locations ADX Energy Ltd (ASX:ADX) ASX RELEASE Page | 8 The GA-96 development well with a planned total depth of 2,300 m MD will target Sarmatian and Badenian reservoirs (see figure below), with a base-case expected recovery of 240,000 bbls of crude oil. The well can be drilled from an existing well pad and readily tied into existing infrastructure, minimising tie-in costs and enabling early production. 3D Seismic cross section along GA-96 development well location ADX Energy Ltd (ASX:ADX) ASX RELEASE Page | 9 The RAG-57 appraisal well, with a planned total depth of 1,800 m MD, will target several Sarmatian reservoirs (see figure below), with a base-case expected recovery of 910,000 bbls of crude oil. The well is proximal to existing oil field infrastructure, enabling fast-tracked pipeline tie-in and materially improving project economics. 3D Seismic cross section along RAG-57 appraisal well location Subject to successful drilling and appraisal outcomes, these wells provide the opportunity to materially increase developed reserves, field production rates and profitability. Appraisal & Development Activities ADX is operator and holds a 70% economic interest in the Anshof Field Area including the Anshof-3 production well as well as all associated production infrastructure*. ADX holds a 60% economic interest in Anshof-2A well*. ADX is operator of the ADX-AT-II exploration licence and holds a 100% interest in the licence other than the Anshof Field Area, Anshof-2A well and the Welchau Investment Area. *MND retains the remaining 30% economic interest in the Anshof Field Area, a 30% economic interest in the Anshof-3 well and a 40% economic interest in Anshof-2A well. Anshof Field Production The total Anshof field production of 9568 barrels during the September quarter is down 13% compared to the 8,470 barrels produced during the previous quarter. On a well basis Anshof-3 production was down by 7.3% compared to the previous quarter. This was offset by a 24.8% increase in production from Anshof-2A. ANSHOF EOCENE OIL PROJECT – Anshof Field Area, ADX-AT-II Licence, Upper Austria ADX Energy Ltd (ASX:ADX) ASX RELEASE Page | 10 By the end of the quarter the field production was at 114.5 BOPD. Anshof-3 was producing 28.3 BOPD, with a total liquid production of 41.5 BPD and a water cut of 31.8% and Anshof-2A was producing 86.2 BOPD, with a total liquid production of 145.3 BPD and a water cut of 40.7%. Field water cut remained stable during the quarter. During the quarter, the Anshof-3 and Anshof-2A wells achieved production uptimes of 98% and 99% respectively. Both wells were temporarily shut-in to facilitate planned maintenance at the PPF. Anshof- 3 was shut in for a day, while Anshof-2A production data enabled an assessment of the well’s individual contribution to field performance and reserves. Anshof field sales volume increased by 16.1%, while revenue increased by 10.1%, compared with the previous quarter. Figure showing the Anshof Oil Field outline, with an interpreted oil-water-contact at 1593 m TVDSS, appraised to date and areas of greater Eocene reservoir thickness with the bottom hole location of the Anshof-3 discovery well, the Anshof-2A sidetrack well and the Anshof-2 well Anshof Reservoir Management During the quarter, the production rates for each of the wells continued to be optimised to support reservoir management objectives, ensuring that the bottom hole flowing pressure for both wells remains above the bubble point pressure for the oil i.e. the pressure threshold below which gas begins to come out of solution from the oil in the reservoir. The wells continue to perform very well. Anshof Permanent Production Facility The permanent production facility (Permanent Production Facility - PPF) has the capacity to process oil from multiple wells with production capacity of approximately 3,000 BPD. It is mostly unmanned and operates 24 hours per day with wireless data transmission. Oil production from the PPF is trucked to a nearby train loading facility and associated gas is used for power generation and process heat. ANS-3 Discovery Oil Producer ANS-2A Appraisal Oil Producer ANS-2 Interpreted OWC 1593mTVDSS ADX Energy Ltd (ASX:ADX) ASX RELEASE Page | 11 Photograph showing the Anshof-3 well (left side, photo) and the Anshof-2A well (right side, photo) producing into the Anshof PPF The facility continues to perform very well with production from the Anshof-3 and Anshof-2A wells. It is envisaged that the PPF will process further production from planned near-field appraisal and exploration programmes such as the planned PERG-1 well in the ADX-AT-II licence area. The facility can also potentially process crude oil from future discoveries within ADX’ Upper Austria exploration licences. Exploration Activities – Upper Austria ADX is operator and holds the following interests in Upper Austria: • ADX-AT-I: ADX holds a 100% interest in the ADX-AT-I exploration licence, except as follows: • ADX’ interest in part of this licence, the MND Investment Area, is 50% after the completion of MND’s investment obligations under the energy investment agreement relating to the MND Investment Area with the funding of the initial explorationLICHT-1 well. • ADX-AT-II: ADX holds a 100% interest in the ADX-AT-II exploration licence, except as follows: o ADX holds a 75% interest in the Welchau Area; and o ADX holds a 70% economic interest in Anshof Field Area other than the Anshof-2A well in which ADX holds a 60% interest. (Refer to ASX Release dated 4June 2025); and o ADX will hold a 90% interest of the “GOLD Cluster Area” (73 km2 ), subject to farminee Empyrean Energy having earned a 10% economic interest on funding 20% of the GOLD-1 drilling and testing costs and satisfied its Earn-in Obligation (Refer to ASX Release dated 14 September 2026). Upper Austria AGS Licences – Austria ADX Energy Ltd (ASX:ADX) ASX RELEASE Page | 12 ADX-AT-I & II Licence Areas – Summary of Q3 2026 Exploration Activities The map below highlights past, current, and planned exploration and appraisal activities in the Upper Austrian Exploration and Production Licence Area from Q2 2026 to Q1 2027, including the GOLD & SCHOE shallow gas exploration drilling programme and the Pergen well which is scheduled to be drilled in Q1 2027. 1. ADX-AT-I Licence Area Activities • Phase 1 production test at HOCH-1 confirmed gas flow from four zones, with comingled testing achieving an average rate of 3.15 MMCFPD (548 boepd), over a 12-hour flow period (refer to ASX release dated 28 August 2026). o The Phase 1 flow test of the Zone 2 gas sand reservoir, completed in June, achieved a stable, water-free gas flow rate of 2.7 million cubic feet per day (MMCFPD), equivalent to 450 bopd). o During the current quarter, an additional Phase 1 flow test was completed across three (3) further zones. Zones 2, 3, 4 and 5 were comingled and produced at an average rate of 3.15 MMCFPD (548 boepd), over a 12-hour flow period. o Pressure build up analysis from downhole gauges indicates excellent reservoir productivity with flow potential of 3.5 MMSCFPD and a sand extent of at least 600 metres from the HOCH-1 wellbore. o Post-drill 3D seismic mapping of the Hall Channel sands, correlated with nearby wells, indicates potential for substantial lateral extension of several sand bodies, particularly Zones 3 and 6). • Completed pre-stack-depth-migration (PSDM) processing over the structurally complex Sub- Flysch imbricate areas in ADX-AT-I, with substantial gas resource potential (Appendix I); Common Reflection Angle Migration (CRAM) processing is underway to further improve imaging and support direct hydrocarbon indicator (DHI) interpretation by Q4 2026. • On track to de-risk the large ZAM, OHO, and IRR gas prospects and identify additional large prospects in ADX-AT-I by year-end 2026. • Finalised resource estimates for the BUCH gas prospect, targeting the Lower Puchkirchen Formation; ADX holds a 50% economic interest, with risk assessment due in Q4 2026. • Risk analysis indicates the new shallow gas prospects carry appraisal-stage rather than exploration-stage risk; an ASX release with updated prospective resources and new prospects is scheduled for Q4 2026. 2. ADX-AT-II Licence Area Activities: • The Welchau-1 borehole and the well site is being preserved for potential future drilling or testing. Pressure build-up and inflow monitoring is ongoing at the site. • During the quarter, seismic reprocessing was carried out to better delineate the Welchau Deep drill targets. ADX Energy Ltd (ASX:ADX) ASX RELEASE Page | 13 • The farmout process continued in relation to the GOLD Cluster Area shallow gas prospects (GOLD, GRAB and ZAUN). o Empyrean Energy plc (“Empyrean”) has entered into a Binding Heads of Agreement to earn a 10% economic interest in the 73 km2 GOLD Cluster Area (“GOLD”) in the ADX-AT-II licence in Upper Austria by funding 20% of the GOLD-1 drilling and testing costs (Refer ASX release dated 14 September 2026). Parties expect to enter into Energy Investment Agreement (EIA) by 30 October 2026. o Discussions continue with other interested parties to farm-in to the GOLD cluster. Upper Austria licence area map showing the ADX-AT-I and ADX-AT-II licences and the Q2 2026 - Q1 2027 drilling & testing work programme Welchau Investment Area Exploration ADX has an Energy Investment Agreement (EIA) with MCF Energy Ltd. via its subsidiary MCF Energy GmbH (MCF). The Welchau Investment Area contains the Welchau discovery well and other emerging oil and gas prospects. ADX holds a 75% economic interest in the Welchau Investment Area and a 100% economic interest in the remainder of the ADX-AT-II licence other than the Anshof Discovery Area. ADX Energy Ltd (ASX:ADX) ASX RELEASE Page | 14 Welchau-1 Well and Wellsite Status The Welchau-1 wellsite has been partially recultivated, including landscaping works, in accordance with the applicable nature conservation approval and the findings of the Upper Austrian Mining Authority. The well remains suspended and preserved for potential future drilling or testing. The recultivation works protect the environment and groundwater by preventing surface leakage while maintaining the integrity of the borehole and wellsite (see figure below). Welchau 1 drilling site area after partial recultivation Current operations comprise monitoring pressure build-up and fluid influx in the suspended well, while evaluating the potential to deepen the well to intersect the original Welchau-1 target. Welchau Geological Studies and Test Results - Summary • Welchau-1 encountered a potentially significant light-oil accumulation, with 450 m of gas shows across four fractured carbonate reservoirs and confirmed 43.6° API light oil in both the Steinalm and Reifling formations. • Oil recovered from the Reifling Formation is geochemically similar to the Steinalm oil, indicating a common hydrocarbon source. • An oil-water contact is prognosed below the Reifling Formation, with the structural crest approximately 500 m above Welchau-1 (see figure below). • Pressure and structural data confirm continuity between Welchau-1 and the downdip Moln-1 gas-condensate discovery; however, the original updip gas-condensate target has not yet been reached. ADX Energy Ltd (ASX:ADX) ASX RELEASE Page | 15 • Two duplex structures are mapped below the Welchau-1 casing shoe, with the shallower structure potentially accessible by deepening the well by 600–700 m. Figure shows the interpreted oil water contact for the updip light oil accumulation located in the Reifling Formation at the WEL-001 well (1) and the deeper duplex structure updip of the Molln 1 discovery well (2) Welchau Deep and Welchau Updip Oil Seismic reprocessing and evaluation of the deeper targets for future drilling, continued during the quarter. Advanced depth migration materially improved seismic imaging, with better resolution, clearer fault definition, reduced artefacts and improved alignment with true structural dips. Preliminary interpretation confirms the previously identified structural framework and increases confidence in the detailed interpretation. At Welchau-1, a potentially significant light oil accumulation was encountered, although the original deeper gas-condensate target remains undrilled. The well provides an opportunity to target the deeper gas-condensate prospect updip of Molln-1 gas condensate discovery or to sidetrack the well to the shallower potential updip oil accumulation. The Welchau Gas Fairway and updip light-oil accumulation are shown in the figure below. ADX Energy Ltd (ASX:ADX) ASX RELEASE Page | 16 Figure showing regional map of Molln Gas Fairway (GCS: gas-condensate system) and Welchau Updip Light Oil Potential (LOS: light-oil system) ADX has commenced preparatory work for planning and permitting the deepening of Welchau-1. ADX-AT-I and ADX-AT-II: New Gas Prospect Maturation Resource estimates for the BUCH gas prospect, which targets the Lower Puchkirchen Formation in the northern part of the ADX-AT-I licence, have been finalised. ADX holds a 50% economic interest in BUCH, and its risk assessments is scheduled for completion in Q4 2026. BUCH (ADX 50% economic interest) is the fifth new shallow gas prospect identified within the ADX-AT- I licence, in addition to HASE, FUCHS, SAND, and EHREN, in each of which ADX holds a 100% economic interest. Resource estimates for the HASE prospect were previously reported, refer ASX release 27 August 2025 (Appendix I). Detailed risk analysis completed during the quarter confirmed that the probability of success (POS) for all new shallow gas prospects is more consistent with appraisal-stage risk than exploration-stage risk. ADX Energy Ltd (ASX:ADX) ASX RELEASE Page | 17 When finalised, an ASX release with updated resources and new prospects will be announced, scheduled for Q4 2026. The map below shows these prospects together with the ADX-AT-I farmout area, in which ADX holds a 100% economic interest. ADX-AT-I Licence Area map (50% ADX economic interest), showing the 100% ADX economic interest shallow gas exploration area in light green. HASE prospect resources were announced on ASX release dated 27 August 2025; resources for the FUCHS, SAND and BUCH prospects are expected be announced in Q4 2026 ADX-AT-I: Shallow Gas Prospects HOCH and SCHOE HOCH-1 Drilling Results (50% MND Investment Area) The Hochfeld-1 (HOCH-1) shallow gas exploration well was drilled, cased and completed encountering up to eight (8) biogenic gas reservoirs within the Hall basin floor fan formation and the Base Hall Channel formation in May 2026. Mudlogging and electric wireline logging results (petrophysical analysis) confirmed the presence of the gas reservoirs. The first flow test of Phase 1 was Zone 2 which produced water free gas at a stable flow rate averaging 2.7 MMCFPD (450 boepd) over an 11-hour well test period, refer to ASX release on 23 June 2026. The well was shut in to record a down hole pressure build up over approximately two weeks. During the current quarter, the second Phase 1 flow test, incorporating Zones 3, 4 and 5, was completed with positive results. All three perforated gas Zones produced water free gas during clean up. A subsequent commingled flow test of Zones 2, 3, 4 and 5 achieved an average flow rate of 3.15 MMCFPD (548 boepd) over a 12-hour period (refer ASX release 28 August 2026). The figure below illustrates the testing sequence, the location of the Phase 1 HOCH-1 tested zones, and the Phase 2 zones, including Zone 6 which is scheduled for testing in Q4 2026. Pressure build up analysis from downhole gauges indicates excellent sand productivity (3.5 MMSCFPD potential) and a sand extent of at least 600 metres from the HOCH-1 well. This lateral extent is further supported by post-drill 3D seismic mapping of the Hall Channel sands intersected in the deeper section of the HOCH-1 well, which has been correlated with nearby wells and indicates potential for substantial lateral extension of several sand bodies, particularly Zones 3 and 6, refer ASX release 28 August 2026. ADX Energy Ltd (ASX:ADX) ASX RELEASE Page | 18 The seismic interpretation is further supported by historical reserves data from nearby Hall Channel production wells. The positive results from all zones tested to date during Phase 1, together with the new seismic correlation, provides confidence in the potential commerciality of the well. The deeper Hall Channel sand in Zone 6 is scheduled to be tested in Q4 2026 as part of Phase 2. Post drill mapping and well correlations indicating a large extension of the stratigraphic trap (at least 2.5 km to the SE) SCHOE (50% MND Investment Area) The SCHOE prospect is expected to be the next shallow gas prospect to be drilled, in early 2027, following the drilling of the GOLD prospect in the ADX-AT-licence. The SCHOE prospect targets slightly younger Hall reservoir gas sandstones deposited in a different depositional environment from those at HOCH, as illustrated in the 3D Seismic figures below. ADX Energy Ltd (ASX:ADX) ASX RELEASE Page | 19 Seismic cross sections and AVO seismic responses for HOCH and SCHOE prospects (targeting Miocene aged HALL formation high productivity gas reservoir) HOCH & SCHOE Prospective Resources (50% MND Investment Area) The prospective resource estimates for both HOCH and SCHOE shallow gas prospects are provided below (refer to ASX release 27 August 2025). Cautionary Statement: Prospective Resources are those estimated quantities of petroleum that may potentially be recovered by the application of a future development project(s) relate to undiscovered accumulations. These estimates have both a risk of discovery and a risk of development. Further exploration appraisal and evaluation is required to determine the existence of a significant quantity of potentially recoverable hydrocarbons. ADX-AT-I: 3D Seismic Reprocessing Programme During the quarter, ADX completed modern 3D seismic depth processing over the structurally complex Sub-Flysch imbricates prospect areas, which have substantial gas resource potential (see Appendix I). Two Sub-Flysch (Jurassic) prospects have upside resource potential significantly in excess of 100 Bcf. ADX Energy Ltd (ASX:ADX) ASX RELEASE Page | 20 In addition, the Irrsdorf (IRR) prospect, now covered by modern reprocessed 3D seismic, is located close to the Haidach gas field, which has produced 155 BCF from the highly productive Lower Puchkirchen Formation (Oligocene turbiditic sandstones), provides a relevant analogue for the prospect. The completed Kirchhoff pre-stack-depth-migration (PSDM) significantly improved seismic imaging and signal-to-noise ratio, and revealed material structural differences from the previous time- migrated seismic (see figure below). A Common Reflection Angle Migr