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

Wien (pta012/19.02.2024/10:25 UTC+1)

"Mobilisation and rig up of the RED E200 drill rig commenced on the 18th of February and drilling operations are anticipated to start by the 24th of February"

Key points:

• Mobilisation of the RED Drilling & Services GmbH (RED) E200 drill rig has commenced from a location in the Vienna basin to the Welchau-1 location in the ADX-AT-II exploration license in Upper Austria where rig assembly is occurring simultaneously.
• The previously contracted RED E202 rig has been replaced by its sister rig (E200) due to operational difficulties on the E202 rig, which would have excessively delayed Welchau drilling operations. The E200 replacement rig has equivalent capability and has been pre-approved for drilling operations at Welchau.
• The approximate 200 km rig move and rig assembly will take an estimated 6 days to complete. Drilling operations are expected to commence by the 24th of February 2024.
• 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 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