ADX Energy Ltd.: Giant Welchau Gas Prospect – Progress Update

Wien (pta012/18.04.2023/09:37 UTC+2)

"Independent experts review further confirms exceptional resource potential, permitting progressing towards operations commencement in Q3 2023, drilling materials and rig secured"

Key points:

• ADX is pleased to advise that an independent third-party resource review by highly reputed, international energy consultants Gaffney Cline & Associates Limited (GaffneyCline) commissioned by ADX' partner in the Welchau prospect area, MCF Energy Ltd (MCF), confirms ADX geotechnical interpretation and is in line with the prospective resource estimates previously announced by ADX (see resource comparison in table 1 in this release).
• Drilling application documents relating to environmental and nature protection requirements for the Welchau-1 well in the ADX-AT-II exploration license in Upper Austria, were recently submitted following consultation with a number of environmental experts recognised by government authorities in order to ensure an efficient approval process.
• ADX has finalised the Welchau-1 drilling program for submission to regulatory authorities, having taken account of recently obtained shallow borehole data and confirmed the well's optimal drilling location on the Welchau anticline following further detailed structural modelling by industry experts that supports and enhances ADX geotechnical interpretation.
• The Welchau prospect is operationally drill ready in terms of geological and engineering work, as well as the procurement of long lead materials and services such as casing, well heads and drilling services. Drilling operations are expected to commence in September 2023 and last approximately 6 to 8 weeks.
• The Welchau well is an important, high impact well that has attracted industry, government and media attention. Given the level of attention ADX has maintained a high level of stakeholder and community engagement which has reinforced political and regulatory support for gas exploration in Austria at a time when security of energy supply is critical in Europe.

For further details see the PDF file.

Authorised for lodgement by Ian Tchacos, Executive Chairman

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Emitter:	ADX Energy Ltd. Canovagasse 5 1010 Wien Austria
Contact Person:	DI Paul Fink
Phone:	+43 (0)50 724 5666
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