ADX Energy Ltd.: Activities Report

For Quarter Ended 31 December 2022

Wien (pta027/31.01.2023/13:36 UTC+1)

ADX Energy Limited (ASX: ADX, "ADX" or "the Company") is pleased to provide an update to its activities for the quarter ended 31 December 2022.

HIGHLIGHTS

Overview

• Commencement of production at Anshof-3 oil discovery well
• Anshof Independent Reserves review confirms ADX net 2P reserves of 4.1 MMBOE Note 1
• Farmout to fund 50% of Welchau-1 well for a 20% economic interest
• Final repayment of A$ 2,187,500 loan notes (used for acquisition Vienna Basin Fields)

Production

Vienna Basin Fields and Anshof- 3 Production

• Sales Revenues increased by 29% (A$ 4,421,85 for the quarter) with Anshof contribution
• Oil Equivalent Production Rates increased by 41% (averaging 273 BOEPD)
• Brent Oil Price decreased by 12% (averaging USD 88.71 per barrel)
• Gas Price decreased by 12% (averaging EUR 144.4 per MWh)

Appraisal and Development

Anshof Field - Upper Austria

• Anshof-3 Commercial Production early production system installed, and commercial production commenced during October 2022
• Anshof Development Drilling planning and procurement ongoing for Anshof-2 and Anshof-1 development wells
• Anshof Reserves Eocene oil independent review finalised and announced

Exploration

Upper Austria - Exploration Licenses

• Welchau 800 BCFE gas prospect long lead items procured, and drill site secured
• Oil Prospect matured for drilling and Gas prospect generation to add new targets
• Farmout program resulting in Welchau Area farmout to Kepis and Pobe Financial Group as well as well as ongoing discussions with multiple parties to fund exploration and appraisal programs in Upper Austria

Romania - Iecea Mare Production and Parta Exploration License

• Parta Exploration License extension material submitted to the relevant Romanian authorities
• Iecea Mare Production License a detailed report on the proven geothermal potential of the license completed

Italy - Sicily Chanel Exploration

• New License Award Process for gas exploration awaiting ministerial response following submission of gas prospectivity report as well as financial and technical capability information

Renewable Energy Projects – Austria

• Vienna Basin Green H2 Project proposal for the supply of the renewable electricity received and evaluated. Electricity and natural gas grid access planning progressed
• Zistersdorf Solar Project review of a single 2.5 MWp PV plant option and EPCIC proposal received
• Oil, Gas and Geothermal Multi Energy Project scoping study for the Gmunden Multi Energy Project completed and discussions with potential energy off-takers progressed

Finance and Corporate

• Cash Balance A$ 3.57 million at end of quarter
• Loan Notes Repayment A$ 2.187 million full repayment the outstanding balance for the Vienna basin field acquisition

Yours faithfully,

Paul Fink & Ian Tchacos

END OF THIS RELEASE - 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