ADX Energy Ltd.: Operations Update Austrian Appraisal, Exploration and Testing Program

Wien (pta004/25.07.2024/08:00 UTC+2)

"Drilling of the Anshof-2A oil appraisal well in September to be followed by drilling of a gas exploration well in ADX-AT-I licence in October 2024"

"Welchau-1 data evaluation, planning and permitting in preparation for production testing during Q4 2024"

Key points:

Anshof-2A Oil Appraisal Well

• Drilling of the Anshof-2A side track well is expected to commence in early September 2024. The well will target a bottom hole location up dip from the Anshof-2 well using the RED 202 Drilling Rig (refer Figure 1).
• The well is expected to intersect thick Eocene reservoirs similar to that encountered by the Anshof-2 well which were approximately 6 times thicker than the producing Anshof-3 discovery well.
• The sidetrack well will take approximately 2 weeks to drill and is planned to be tied in to the recently installed Anshof permanent production facility located at the Anshof-3 site.

Gas Exploration Well

• The drilling of a gas exploration well is planned in early October 2024 in the MND Investment Area within the ADX-AT-I licence.
• Drilling and environmental permitting for the IRR-1 prospect is expected to be completed by mid August 2024. The LICHT-1 prospect has already been permitted (refer Figure 1).
• A decision on the drilling of the well will be taken in early August to allow for the preparation of the drill site ahead well spud.
• The prospects target high productivity gas reservoirs proximal to gas infrastructure.
• MND will fund the first EUR 4.5 million of the well costs to earn a 50% economic interest in the MND Investment Area.

Welchau-1 Evaluation and Well Testing

• Analysis work on the 450-metre column of condensate rich gas and liquids encountered in the Welchau-1 exploration well is ongoing with a view to a revised resource estimate being released in early September 2024.
• A submission has been made to the designated environmental authority to undertake production testing operations during the winter period from 1 October 2024 to 31 March 2025.
• A detailed well testing program designed to evaluate the larger than pre-drill expected multiple hydrocarbon reservoirs encountered at Welchau -1 is expected to be completed during August 2024.

For more details please see 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