Announcement PDF ADX Energy Ltd (ASX:ADX) ASX RELEASE 29 April 2024 Activities Report For the Quarter Ended 31 March 2024 ADX Energy Ltd (ASX: ADX, “ADX” or “the Company”) is pleased to provide an update on its activities for the quarter ended 31 March 2024. The RED E200 drill rig prior to well spud at the Welchau-1 gas condensate discovery well. ADX Executive Chairman, Mr Ian Tchacos, said, “It has been an exceptional quarter for your Company with the gas liquids discovery at Welchau-1, the installation of the Anshof permanent production facility and preparation for recommencement of production at Anshof3. We can now look forward to a very active, value adding program of activities including testing the Welchau-1 discovery, drilling an oil development well at Anshof, drilling a gas exploration well in Upper Austria and the potential deepening of the Welchau-1 discovery well to access further, deeper exploration potential. The 3,000 BPD capacity Anshof Permanent Production Facility installed at the Anshof-3 location. __________________________________________________________________________________________________________ ADX Energy Ltd | ABN 50 009 058 646 -Registered and Principal Office Australia 29 Bay Road, Claremont WA 6010, Australia Telephone: +61 8 9381 4266 | admin@adxenergy.com.au | www.adxenergy.com.au Page | 1 ADX Energy Ltd (ASX:ADX) ASX RELEASE HIGHLIGHTS Past Quarter Overview        Liquids rich gas discovery at the Welchau-1 exploration well, intersecting 450 metres of shows within the giant 100 km2 structure. Hydrocarbons observed at surface and recovered in a downhole sampling tool confirming moveable hydrocarbons. A comprehensive testing program is being planned to confirm the hydrocarbon composition, productive potential and recoverable volumes at the Welchau-1 location. Vienna Field Production averaged 177 BOEPD with sales revenue totalling A$ 1.83 million for the quarter. Austrian production was down by 19% as a result of multiple well down time due to corrosion and sand influx. A well work over program was deployed to restore production and Anshof-3 remained shut-in whilst the Permanent Production Facility (PPF) was installed. The new Anshof Field PPF, with a maximum capacity of 3,000 BPD, was installed, commissioned and hooked up to the Anshof-3 well. Installation was completed safely, on time and within budget. Production recommenced at a rate of 134 BOPD from the Anshof3 well into the new facility on 3 April 2024. Planning commenced for the drilling of the Anshof-2 side track well in Q4 2024. Completion of MND Farmin to fund drilling gas prospect LICHT or IRR in the ADX-AT-I licence scheduled for drilling in Q4 2024. LICHT Prospect fully permitted and IRR permitting is in progress in preparation for drilling. Cash balance at end of the March quarter was A$7.16 million. Next Quarter Planned Activities Detailed analysis of Welchau-1 drilling, log, core and drilling data in preparation for a resources assessment for the new discovery.  Welchau-1 well test planning, design and approvals. Planning for the possible deepening of the well to evaluate remaining exploration potential below the 7” casing in the well.  Commence permitting and environmental clearance work for a Welchau appraisal well.  Increasing production from Anshof-3 and the Vienna Basin Field with the recovery of production from repaired wells. Ongoing preparation and planning for the drilling of the Anshof-2 side track well in Q4 2024. Assessment of follow up drilling targets at Anshof.  Finalise drilling preparation and approvals for the drilling of the MND ADX-AT-I gas farmin well in Q4 2024.  Mature large, high impact gas prospects for farmout in 100% equity held acreage in the ADX-AT-I licence.  Page | 2 ADX Energy Ltd (ASX:ADX) ASX RELEASE OPERATIONS REPORT Production Activities ZISTERSDORF AND GAISELBERG PRODUCTION ASSETS – Vienna Basin, Austria ADX is operator and holds a 100% interest in the production ANSHOF OIL DISCOVERY – Upper Austria ADX is operator and holds an 50% economic interest in Anshof-3 production Production Operations Stable oil and gas production during the quarter from the 100% ADX owned Vienna Basin Fields was adversely affected by well down time due to corrosion and sand plugging. The net oil and gas production rate from the Vienna Basin Fields averaged 177 BOEPD during the March quarter, a 19% decrease compared to 218 BOEPD in the previous quarter. A workover program during the quarter has resulted in the reinstatement of production to previous quarter levels. The Anshof-3 well in Upper Austria was shut-in on 19th September 2023 after reaching the regulatory limit of 5,000 tonnes (36,000 Barrels) for test production and recommenced through a Permanent Production Facility (PPF) on 3 April 2024 (subsequent to the end of the quarter). Production histogram showing production during the current quarter from the Vienna Basin. Anshof-3 production was reinstated through the PPF on 3 April 2024. Page | 3 ADX Energy Ltd (ASX:ADX) ASX RELEASE Table 1 - Quarterly Production Summary January February March Current Qtr Total Prior Qtr Total Change (%) Crude Oil Sold (Barrels) - Z&G Crude Oil Sold (Barrels) - ANS (ADX Share) Gas Delivered (M3) 5,614 80,075 4,832 77,439 4,338 64,451 14,783 221,966 17,994 333,487 -18% -33% Total Oil Equivalent (BOE) Avg Production Rate (BOEPD) 6,102 197 5,303 183 4,731 153 16,136 177 20,025 218 -19% -19% Field Revenues and Product Pricing Average Brent reference oil pricing remained steady from the previous quarter averaging USD 83.24 per barrel. Gas prices weakened during the quarter averaging EUR 28.54 per MWh; a decrease of 29% compared to the previous quarter. Oil and gas revenue histogram showing impact of oil and gas price on production from the Vienna basin fields. Anshof-3 production was reinstated through the PPF on 3 April 2024 Page | 4 ADX Energy Ltd (ASX:ADX) ASX RELEASE Table 3 below shows sales revenues of EUR 1,109,000 for the March 2024 quarter compared to EUR 1,562,873 in the December 2023 quarter due to a reduction in production from the Vienna Basin Fields. The Anshof-3 well in Upper Austria was shut-in on 19th September 2023 after reaching the regulatory limit of 5,000 tonnes (36,000 Barrels) for test production and recommenced through a Permanent Production Facility (PPF) on 3 April 2024 (subsequent to the end of the quarter). Net hedging losses amounted to EUR 18,233 for the March quarter. The previous oil sales contract with RAG Exploration and Production GmbH (now REP GmbH) covering the Anshof-3 test production volumes has been updated to capture commercial oil production from the Anshof Discovery Area and extended to 31 March 2025 essentially on the same contractual terms. Table 2 - Quarterly Sales Price Summary January February March Current Qtr Total Prior Qtr Total Change (%) Avg Oil Pricing (US$ / BBL) $ 80.32 $ 83.93 $ 85.48 $ 83.24 $ 84.05 -1% Avg Gas Price (Euro / MWh) € 33.09 € 27.90 € 24.63 € 28.54 € 40.22 -29% Table 3 - Quarterly Sales & Hedging Revenue Summary January February March Current Qtr Total Prior Qtr Total Change (%) Oil Revenue (Euro) - Z&G Oil Revenue (Euro) - ANS (ADX Share) Gas Revenue (Euro) € € € 379,282 € € 28,531 € 344,687 € € 25,738 € 313,022 € € 17,739 € 1,036,991 € 1,410,297 € 152,576 72,009 € -26% Total Sales Revenue (Euro) € 407,814 € 370,425 € 330,761 € 1,109,000 € 1,562,873 -29% €0 -€ 7,639 -€ 10,594 -€ 18,233 -€ 37,161 -51% 407,814 € 673,044 $ 362,785 € 598,730 $ 320,168 € 528,396 $ 1,090,767 € 1,525,712 1,800,170 A$/ Euro = -29% 0.6059 Hedging Revenue (Euro) "Swap Contracts" Total Revenue (Euro) Total Revenue (A$) € $ -53% Hedging ADX has deployed a rolling hedging strategy seeking to provide stable near term revenue generation during volatile market conditions. On 26 January 2024, ADX executed further hedging transactions with Britannic Trading Limited with a fixed price swap contract for 8,400 barrels of oil at a fixed Brent crude oil price for February 2024 to May 2024 inclusive of USD 80.00 per barrel. The quantity of hedged oil equates to approximately 70 BOPD during the period. A further hedging transaction was executed on the 3 April 2024. A fixed price swap contract for Brent Crude at a price of US$ 85.31 per barrel for 100 BOPD of production during the period June 24 to October 24. The balance of the crude oil production from the Vienna Basin Fields and the Anshof oil field is unhedged allowing ADX to maintain exposure to upside in Brent crude oil pricing. Gas production from the Vienna Basin Fields is also not hedged. ADX will continue to market monitor market conditions during the coming quarter. Page | 5 ADX Energy Ltd (ASX:ADX) ASX RELEASE Appraisal & Development Activities ANSHOF EOCENE OIL PROJECT – Anshof Field Area, ADX-AT-II LICENCE, Upper Austria ADX is operator and holds a 50% economic interest in the Anshof Field Area and a 60% interest in the Anshof-2 well. ADX is operator of the ADX-AT-II exploration license and holds a 100% interest other than the Anshof Field Area, Anshof-2 well and Welchau Investment Area. Location map for the Anshof Field Area within the ADX-AT-II licence. The low-risk appraisal follow up satellite prospects (ADX 100% economic interest) including SGB, LIND and GRB North and South of the Anshof field are also shown. Anshof-3 Production The Anshof-3 well remained shut-in during the quarter after reaching the regulatory limit of 5,000 tonnes (36,000 Barrels) for long term test production on 19 September 2023. A 3,000 BPD permanent production facility was installed and hooked up at the Anshof-3 site during the quarter. The permanent production facility commissioning commenced at end quarter with first Anshof-3 oil production into the PPF on 3 April 2024 at a production rate 134 BOPD. The Eocene reservoir pressure at the Anshof-3 well has recovered to near initial reservoir pressure during the shut-in period and has produced at an average of 115 BOPD since coming back into production. It is expected that the well will continue to show strong production performance with no impairment to well productivity. Following commissioning of the PPF the well rate is intended to be increased to 140 BOPD. Page | 6 ADX Energy Ltd (ASX:ADX) ASX RELEASE Development Drilling Program Anshof-1 was a planned follow up well to the Anshof-2 well intended to be drilled as a producer in a more crestal part of the structure. It is located in a thicker part of the Eocene reservoirs relative to the Anshof-3 well which is located to the West of the structure. The bottom hole location of Anshof-1 has been optimised utilising data obtained from the Anshof-2 well. The robustness of the location is supported by a review and assessment carried out during the quarter covering the depth conversion, fault mapping and seal integrity along with the uncertainty on the potential field OWC depth to be between the ODT seen in Anshof-3 and the water-up-to (WUT) seen in Anshof-2. The Anshof-1 up-dip oil location is best drilled from the suspended Anshof-2 well as a sidetrack from below the existing 9 5/8” casing shoe. The replacement of the Anshof-1 well with an Anshof-2 sidetrack will minimise the cost to develop this part of the field and maintain Anshof-1 well slot for a future well. Mining Authority approval was received on 5 March 2024 for the sidetracking of the Anshof-2 well. Anshof field outline and areas of greater reservoir thickness with interpreted field oil-down-to (ODT) Permanent Production Facilities Installation, Engineering and Commissioning The Anshof field permanent production facilities (PPF) were installed during the quarter. The commissioning commenced at end of quarter with first Anshof-3 oil production into the PPF on 3 April 2024. A summary of the activities during the quarter are as follows: • • The Permanent Production Unit (PPU) with a capacity of 3,000 BPD was transported from Ampfing (Germany) and reassembled at the Anshof-3 site. The installation, assembly and modifications of the facility were completed. This included the PPU, power generation and power supply, oil storage tanks, electrical cabling and pipeworks and the upgrading of the oil tanker loading bay. Page | 7 ADX Energy Ltd (ASX:ADX) ASX RELEASE • • • Significant necessary site works for the PPF were also completed. A newly designed manifold and the utility tunnel were completed for the future tie-in of the Anshof2 sidetrack and Anshof-1 wells. The commissioning of the facility commenced at the end of the quarter with first oil into the PPF on 3 April 2024. The PPF replaces the previous early production unit that had come to the end of its contractual rental period and optimises the production from the field as follows: • increased production capacity (3,000 barrels of liquids per day), • capability to process oil from more than one well, • additional oil storage capacity, • use of associated gas for power generation and process heat, and • enhanced automation requiring less manual operations. The PPF is mostly unmanned and operates 24 hours per day with wireless data transmission. Anshof Permanent Production Facility at ADX’ Anshof-3 location Anshof-3 crude oil (open tank) produced through the new Permanent Production Facility Page | 8 ADX Energy Ltd (ASX:ADX) ASX RELEASE Exploration Activities Upper Austria AGS Licenses – Austria ADX is operator and holds a 75% interest in the Welchau Exploration Area and a 100% interest in the ADX-AT-I and ADX-AT-II exploration licenses other than the Welchau Exploration Area and the Anshof Field Area. ADX’ interest in the MND Investment Area will reduce to 50% upon the completion of MND’s farmin obligations. Welchau Gas & Liquids Discovery The Welchau-1 gas exploration well was spudded on the 24th of February using the RED Drilling & Services GmbH (RED) E200 drill rig in the ADX-AT-II exploration licence in Upper Austria and reached total depth (TD) at 1733m MD on 17th of March. The well was drilled efficiently and safely, with well penetration rates faster than projected and approximately 30% below budget. The RED E200 rig was released on 4.00 pm Central European Time (CET) on the 28th of March after running and cementing 7-inch casing down to the well total depth and temporary suspension for future testing. The Welchau gas prospect has exceptional gas resource potential, located in the heart of Europe proximal to gas pipelines. Prior to the drilling of Welchau-1, ADX estimated that Welchau had best technical Prospective Resources of 807 BCFE (134 MMBOE) at a reporting date of 22 June 2023. The Welchau resource estimate will be updated following the evaluation that is underway of the well results. 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 well has encountered 380 metres of seal the “Lunz Formation” above the “Steinalm Formation” which is the primary target for the Welchau-1 well. Seal quality and thickness was a key risk prior to drilling which appears to have been mitigated by the thick intersection of Lunz Formation intersected. Electric line logs and dipmeter data from the well has confirmed that the Welchau structure is an eastwest trending, asymmetric anticline as predicted by ADX in the pre-drill structural model. The Steinalm Formation was intersected at approximately 1452 metres MD in line with pre-drill prognosis providing further confidence in the structural model for Welchau. The Steinalm Formation is the same zone that was tested in the down dip Molln-1 gas discovery well which flowed condensate rich gas at a rate of 4 MMSCFPD in 1989. Liquid rich gas shows were encountered over an interval of 115 metres in the Steinalm Formation between 1452 metres and 1567 metres. The deepest gas shows were encountered in the well at a depth of 1645 metres MD. Gas shows composed of Methane (C1) to Iso Pentane (C5) have been encountered throughout the section. The C1 to C5 ratio plots indicate the presence of permeable reservoir. The highest gas show of over 1,000 units plus evidence of moveable liquid hydrocarbons was recorded in mud circulated to surface from a depth of 1449 metres following the recovery of a down sample from a program that was impaired due to sticking of the sampling tool in the well. Page | 9 ADX Energy Ltd (ASX:ADX) ASX RELEASE Drilling data suggests that the Steinalm Formation is an extensively fractured carbonate and an extensive logging programme was run. This included an image log and cross-dipole sonic in addition to standard logs for well evaluation. A quick look interpretation of these logs clearly demonstrates the presence of different types of porosity (matrix, vuggy and open fractures). Intervals with mud losses or good hydrocarbon shows clearly correlate to either fractured zones or zones with vuggy porosity. A 7-metre core was recovered from 1511 metres to 1519 metres MD in the Steinalm Formation to gather information on the rock properties (lithology and mineralogy, stratigraphy, petrophysical properties) and to have a calibration section for log interpretation. The cut surfaces of the core confirmed the presence of a natural fracture system which is essential for gas production performance. Analysis of pressurised sample chambers run in the well contained small amounts of liquid hydrocarbons (gas condensate to light oil) together with predominantly drilling mud that was lost to the formation during drilling. Preliminary results indicate a similarity to the hydrocarbon system encountered and tested at in the down dip Molln-1 well drilled in 1989. A program to analyse the results including hydrocarbon shows, formation cuttings while drilling, logging, fluid sampling and coring has commenced. The complete analysis is expected to conclude in Q3 2024. The results will be used to update the resource range for Welchau and design the testing program for the Welchau-1 well planned for Q4 2024. Map showing ADX-AT-II license area and the Welchau-1 drilling location in the Northern Calcareous Alps Page | 10 ADX Energy Ltd (ASX:ADX) ASX RELEASE Welchau-1 drilling location in the Northern Calcareous Alps Summary of key findings from drilling; 1. 450 metres of hydrocarbons shows in a giant 100 km2 structure 2. Structural interpretation on prognosis 3. Confirmed good trap seal quality which was a major predrill risk 4. Confirmed hydrocarbon column of condensate rich gas and potential liquids 5. Producible hydrocarbons indicated from down hole sampling and well inflow Page | 11 ADX Energy Ltd (ASX:ADX) ASX RELEASE Preliminary Well Log for Welchau-1 at TD Welchau Exploration Area Farmout In early 2023, Canadian TSX Venture Exchange listed MCF Energy Ltd. (MCF), executed an Energy Investment Agreement (EIA) to fund 50% of the cost of the Welchau-1 exploration well to earn a 20% economic interest in the Welchau Investment Area. The funding obligation was based on a well cost cap of EUR 3.8 million. On 9 January 2024, ADX announced a variation to the Welchau farmin by MCF. MCF and ADX agreed to vary the terms of the EIA such that MCF funded 50% of the Welchau-1 well costs up to EUR 5.1 million to earn a 25% economic interest in the Welchau Investment Area. Page | 12 ADX Energy Ltd (ASX:ADX) ASX RELEASE ADX-AT-I Farmout and 2024 Gas Exploration Drilling ADX reached completion on the MND Austria a.s. (MND) transaction on 5 January 2024 where MND would fund a gas exploration program in ADX-AT-I. MND a.s., the parent of MND, is a highly credentialled European explorer, producer and oil services group that generated approx. EUR 8.5 billion of revenue in 2022. The MND transaction is summarised as follows;  At completion (in January 2024) MND paid back costs of EUR 0.45 million (A$0.74 million) to ADX and will fund EUR 4.5 million (A$7.40 million) for exploration drilling to earn a 50% economic interest in MND Investment Area (an exploration investment area within the ADX-AT-I license), in Upper Austria. The MND Investment Area is shown in the map below.  The form of partnership documentation used for this transaction was previously developed by ADX and accepted by the Austrian Ministry of Finance (BMF) for MND’s economic participation in the Anshof Discovery Area.  Several gas prospects are available for drilling in the MND Investment Area. ADX and MND currently intend to drill either the LICHT or the IRR gas exploration prospect during the second half of 2024. Both prospects offer large gas resources upside potential and are mature for drilling. The LICHT prospect location has already received a drilling permit including an environmental clearance. The IRR prospect was introduced to the municipality, permitting steps are in progress.  ADX is Operator and will retain a 50% economic interest in the MND Investment Area once MND complete their farmin obligations. ADX has retained a 100% interest in the remainder of the ADXAT-I license including adjacent gas exploration prospects (OHO and ZAM) and the GMU geothermal / oil and gas energy prospect. Map showing the MND Investment Area within the ADX-AT-I license which includes the LICHT and IRR gas exploration prospects. Page | 13 ADX Energy Ltd (ASX:ADX) ASX RELEASE During the quarter ADX continued working on securing drilling permits for future drilling projects in the MND Investment Area. LICHT is fully permitted and land access was secured with landowners for the IRR and pursued for SCHÖN and HOCH prospects. All prospects offer significant resource potential and are fully covered by high quality 3D seismic and supported by seismically generated direct hydrocarbon indicator responses. ADX and MND plan to select the first drilling prospect in Q3 2024 with a view to drilling the preferred prospect during Q4 2024. In addition to permitting the above-mentioned prospects for drilling, ADX is maturing low risk gas exploration prospects such as HOCH and SCHOE in the Northern part of the ADX-AT-I licence shown in the map above. Further surface analysis and subsurface work has determined that these two prospects can be drilled from the same surface location substantially reducing costs of a multi well program. The prospects are very close to gas infrastructure and are expected to contain dry natural gas (methane) only which would reduce the development cost of any discovery. Ongoing review of the HOCH prospect has revealed that it could be connected to similar downdip prospect (known as GAST in former announcements) resulting in a much larger combined accumulation. The resultant prospective resources of the larger potential accumulation will be assessed and announced in the June quarter. The 3D seismic section below and the inserted reservoir amplitude map is indicative of gas reservoir presence and summarises the most important technical features of the combined HOCH-GAST prospect. The depth contours also show that the prospect has a very low risk 4-way dip closure component and a large structural – stratigraphic upside being located in the axis of a structural nose plunging to the NW. Seismic cross section of HOCH prospect The IRR prospect is an example of a high impact gas prospect in the portfolio with large upside and proximity to pipeline infrastructure. IRR is featured in the Prospect Summary below. It shows the large (stratigraphic) gross resources upside potential and the strong analogy with a close by gas field which produced approximately 155 BCF of gas prior to its conversion to a large gas storage facility. Page | 14 ADX Energy Ltd (ASX:ADX) ASX RELEASE IRR–1 Gas Prospect Summary New technical interpreta�on using seismic responses indica�ve of gas and nearby well data Analysis of analogous gas reservoirs in nearby gas field has led to a significant upward revisionof expectedpossible gas net pay thickness • 3D seismic response similar to adjacent gas field which has produced ~155 bscf of gas • Expected Miocene deep water turbidite reservoirs have a proven flow capacity of up to 45 mmscf/day E Prospec�ve Resources Es�mate IRR Prospect Bscf Min (P90) Best Technical Max (P10) 10 38 79 ASX Prospective resources reporting date update 22.06.2023 155 Bscf gas field E’ 155 Bscf existing field IRR-1 IRR Prospect IRR-1 Refer to Cautionary Statement in relation to Prospective Resources on Page 9 of this report. Additional ADX-AT-I Gas Prospect Maturation (ADX 100% equity areas) In addition to the work undertaken on preparing gas prospects for drilling within the MND Investment Area, ADX is undertaking additional prospect maturation work on areas within the remainder of the ADX-AT-I licence where it holds a 100% equity interest. Notably two large 3D seismic covered prospects have been identified (ZAM and OHO) with large prospective resource potential in excess of 100 BCF. Refer to ASX Prospective Resources Update dated 22 June 2022. Planned prospect maturation work includes refining the stratigraphic horizon interpretation and identifying tectonic events of each prospect. The final result is expected to be a kinematically consistent 3D structural model which will significantly de-risk the large resource potential of the prospects in readiness for farmout. Seismic reprocessing of the ADX-AT-I area was started by DMT, Germany. Several additional leads with ~ 50 MMboe potential prospective resources have been identified (mainly below the imbricates) which would be de-risked substantially by state of the art velocity modelling deploying Pre Stacked Depth Migration (“PSDM”). The work is expected to be finalised by the end of the year. Page | 15 ADX Energy Ltd (ASX:ADX) ASX RELEASE Upper Austria Farm-out Activities During the period, ADX has had success with farmout transactions during the period including with MCF Energy Ltd in relation to Welchau, the Anshof Investment Agreement and the Investment Agreement for MND to fund a gas exploration program in ADX AT-I. During the quarter, ADX has completed the farmout transaction with MND in relation to the MND Investment Area and the revision to the Welchau Exploration Area farmout to MCF Energy Limited. Both transactions have resulted in a greater investment in exploration activity exploration whilst preserving ADX’ cash balance. The Participation Framework Agreements developed for the farmout transactions by ADX with MND which have been approved by ministry (for the Anshof transaction and the ADX-AT-I MND Area transaction) can be readily used as a template for future farm-in and co-investment transactions. PARTA EXPLORATION PERMIT AND IECEA MARE PRODUCTION LICENSE – Romania ADX holds a 49.2% shareholding in Danube Petroleum Limited (Danube). The remaining shareholding in Danube is held by Reabold Resources Plc. Danube via its wholly owned subsidiary, ADX Energy Panonia srl, holds a 100% interest in the Parta Exploration license (including a 100% interest in the Parta Appraisal Sole Risk Project) and a 100% interest in the Iecea Mare Production license. ADX is the operator of the permit pursuant to a services agreement with Danube. ADX is engaged in ongoing discussions with the Regulatory Authorities in relation to options for the Parta exploration licence extension. ADX has delivered a number of requested reports in support of the extension discussions. The Iecea Mare production licence which has a validity (or term) of 20 years and is not affected. Options to exploit the geothermal potential of the Romanian part of the Pannonian Basin are under investigation with the authorities in combination with a subsurface review of the likely prospectivity. The legislation for the use of Geothermal energy is under construction, the regulator stated that a petroleum license needs to be transferred into a geothermal licence, before any non-petroleum operations can be performed, after finalizing all petroleum operations as defined in the licence agreement. Permit d 363C.R-.AX – Offshore Italy ADX is operator and upon grant, will hold a 100% interest in the d 363C.R-.AX Exploration Permit The d 363 C.R-.AX ’Nilde’ permit in the Sicily Channel, offshore Italy (below) is located in a water depth of 90-100 metres just over 60 km from the shore of the island of Sicily and comprises the Nilde Oil Field, which previously produced 20.5 million barrels of 39o API oil in the 1980s, two further oil discoveries Norma-1 and Naila-1, as well as an exploration inventory of 5 oil leads. Across the permit there are Contingent Resources of 19.2 to 65.6 million2 barrels of remaining oil and Prospective Resources of 40 to 201 million barrels oil (arithmetically added)1,2. Page | 16 ADX Energy Ltd (ASX:ADX) ASX RELEASE The total best technical prospective resource potential of five high graded gas prospects is 369 BCF 1 (refer ASX announcement 30 August 2022). The five high graded prospects are considered as relatively low risk since they are simple 4-way dip anticline closures featuring a seismic amplitude response commonly known as Direct Hydrocarbon Indicators (“DHI’s”). Note 1: Refer to Cautionary Statement in relation to Prospective Resources on Page 9 of this report. Note 2: Contingent Resources Reporting Date for Nilde was 29.03.2018 and 3Prospective Resources Reporting Date in d 363 C.R-.AX 21.04.2016 (oil) and 30.08.2022 (gas). Geographic Location of the d 363 C.R-.AX ‘Nilde’ Permit in 2018 and the Nilde Oil Field as well as the Naila and Norma oil discoveries Subsequent to the end of the quarter, the Italian ministry informed ADX that it had completed a technical, financial and organisat