ADX Energy Ltd.: Drilling Update for Giant Welchau Gas Prospect

Completed well site Welchau-1 drilling location; ADX Energy Ltd.

Wien (pta026/02.02.2024/15:01 UTC+1)

"Well site construction is complete, the drill rig is expected to become available next week and commencement of drilling is expected during the following week."

Key points:

• All regulatory requirements are in place to commence drilling operations at the Welchau gas exploration project, in the ADX-AT-II licence in Upper Austria.
• Well site construction at the Welchau-1 drill site is complete.
• The RED Drilling & Services GmbH (RED) E202 drilling rig is expected to become available to ADX at the end of next week (Rig Release).
• The well will be spudded after mobilisation and rig assembly which will take approximately 7 days after Rig Release. The duration of drilling operations is approximately 39 days.
• In accordance with an Energy Investment Agreement with MCF Energy Ltd., via its subsidiary MCF Energy GmbH (MCF), MCF will fund 50% of the Welchau-1 well costs up to a cap of EUR 5.1 million to earn a 25% economic interest in the Welchau Investment Area. Upon completion of MCF's funding obligations ADX will hold a 75% economic interest in the Welchau Investment Area.

For more details please view the PDF file.

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Emitter:	ADX Energy Ltd. Ölzeltgasse 3/8 1030 Wien Austria
Contact Person:	Vesna Blazevic
Phone:	+43 676 6893465
E-Mail:	office@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