ADX Energy Ltd.: Anshof-2A Sidetrack Oil Appraisal Well intersects a 6.5-metre net vertical oil column

Location of ANS-2A and LICHT-1; ADX Energy Ltd.

Wien (pta014/17.09.2024/09:35 UTC+2)

The oil column is approximately 3 times that encountered in the Anshof-3 discovery well (producing at 110 barrels per day) with higher porosity and permeability.

The well will be cased, completed and tied-in as a producer to the recently completed Anshof Permanent Production Facility.

Key points:

• The Anshof-2A ("ANS-2A") side track oil appraisal well located in the ADX-AT-II licence in Upper Austria has encountered a 6.5-metre ("m") net vertical oil column in high quality Eocene aged sandstone reservoirs.
• The RED Drilling & Services GmbH (RED) E-202 rig was used to drill the ANS-2A well. The well has reached a measured total depth (TD) of 2195 m. The well has taken approximately 10 days to drill and evaluate. ADX is the operator and has a 60% economic interest in the well.
• Based on electric line logs and pressure data recovered, the well has encountered high quality Eocene sandstone reservoirs between 1586.5 m Total Vertical Depth Subsea ("TVD SS") and 1599 m TVD SS. An oil water contact is interpreted at a depth of 1593 m TVD SS.
• The ANS-2A well has intersected high quality Eocene reservoirs up dip from the water wet Anshof-2 well and slightly down dip from the Anshof-3 discovery well which is now interpreted near to the crest of the Anshof structure. The oil intersection at ANS-2A is approximately 3 times that of Anshof-3 in approximately 20% higher porosity reservoirs.
• ANS-2A is currently being cased and cemented for suspension as a production well. The well will be completed with the installation of production tubing and a rod pump in early October. It will then be tied-in to the Anshof permanent production facility. Completion operations will be undertaken using a smaller and cheaper work over rig currently operating in ADX' Vienna Basin Fields.

ADX Executive Chairman, Mr Ian Tchacos, said, "We are very pleased to announce a second Anshof Oil Field producer. The well is expected to make a significant contribution to ADX' oil production and cashflow within a few weeks when it is tied in to the recently installed and commissioned Anshof Permanent Production facility. The ANS-2A well is the first of a two well drilling program. It will be followed by the Lichtenberg-1 gas exploration well and the testing of Welchau-1 liquids rich gas discovery. The ANS-2A well was efficiently drilled as planned and most importantly without any safety or environmental incidents."

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)
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Other Stock Exchanges:	Australian Securities Exchange (ASX), Sydney