ADX Energy Ltd.: Anshof-2 Appraisal Well Update Drilling Operations Report No 4

Wien (pta018/05.12.2023/11:27 UTC+1)

Key points:

• The Anshof-2 well has intersected the predicted Eocene oil reservoir section at a depth of approximately 2160 meters measured depth (MD), around 40 to 50 meters high to prognosis in terms of vertical depth (VD). The Eocene reservoir section has a vertical gross thickness of at least 22 meters which compares very favourably with the 6-meter gross Eocene sandstone reservoir section in the Anshof-3 discovery well that was completed as producer.
• The Anshof-2 appraisal well is located in the ADX-AT-II licence in Upper Austria (refer to figure 1 at the PDF file). The well was spudded at 10:00 am Central European Time (CET) on the 13th of November 2023. ADX is the operator and has a 60% economic interest in the well.
• The RED Drilling & Services GmbH (RED) E-202 rig is being used to drill the Anshof-2 well, the same rig used to drill Anhof-3 discovery well.
• At 12:00 pm CET on the 4th of December 2023 the status of well operations was drilling ahead at a depth of 2235 meters MD in 8 ½ inch hole at an inclination of approximately 70o relative to vertical.
• Previous operations since last report include the drilling of the 8 ½ inch hole to 1950 meters MD and pull out of hole to check and renew the Bottom Hole Assembly (BHA) and run back to bottom to continue drilling with a new BHA to the current well depth.
• Planned future operations include the drilling of the 8 ½ inch hole to a total depth of 2320 meters MD with a directional drill string configuration. This is the planned final total depth (TD) of the Anshof-2 well. The well will then be extensively evaluated with electric line logging tools (Logs) to precisely determine the net reservoir section within the vertical 22 meters of gross reservoir section which has been interpreted mainly from wellsite cuttings and a gamma ray measurement while drilling tool which is located behind the drilling bit. Logs will also be used to determine hydrocarbon saturation values and other reservoir parameters such as porosity. Logging services will be provided by Weatherford.
• The next routine Drilling Operations Report is expected on the 12th of December 2023. It is expected that by then the logging results and a first preliminary interpretation of reservoir parameters will be available.

For more Details please view the PDF file.

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Emitter:	ADX Energy Ltd. Ölzeltgasse 3/8 1030 Wien Austria
Contact Person:	DI Paul Fink
Phone:	+43 (0)676 6893465
E-Mail:	paul.fink@adx-energy.at
Website:	www.adx-energy.com
ISIN(s):	AU000000ADX9 (Share)
Stock Exchange(s):	Free Market in Berlin, Frankfurt, Hamburg, Munich, Stuttgart, Tradegate
Other Stock Exchanges:	Australian Securities Exchange (ASX), Sydney