ASX Release

1 May 2017

Non-Renounceable Entitlements Issue to Raise $2.4 Million

ADX Energy Ltd (ASX:ADX) is pleased to announce that Eligible Shareholders will have the opportunity to acquire fully paid ordinary shares in the capital of ADX Energy (New Shares) via a non-renounceable entitlement issue. QA Capital Pty Limited are Lead Managers to the entitlement issue.

The entitlement issue will be undertaken on the basis of one (1) New Share for every five (5) shares held by shareholders registered at close of business (Perth time) on 10 May 2017 (Record Date) at an issue price of $0.013 per New Share to raise approximately $2.4 million (Offer).

Further, shareholders are being given an opportunity to apply for additional shortfall shares beyond the 1 for 5 entitlement. Further details of the offer will be set out in a prospectus, to be announced in due course.

Assuming all entitlements are accepted, or if all shortfall shares are placed, following completion of both the Offer and the Placement the Company will have issued approximately 185,803,488 New Shares, resulting in total fully paid ordinary shares on issue of approximately 1,114,820,924.

Funds raised from the Offer will enable ADX to continue the following work programmes across its asset base;

  • Nilde appraisal well design and planning, field development planning, ongoing reservoir engineering studies and discussions with the Italian Regulatory Authorities in relation to appraisal drilling and the Nilde Oil Re-Development Project offshore Italy;

  • Dougga Geological modeling, reservoir production modeling, the conclusion of concept studies by TechnipFMC, well planning and engineering for the drilling and testing of a well up dip of the Dougga 1 discovery well offshore Tunisia and discussions with the Tunisian Regulatory Authorities in relation to license renewal;

  • 3D Seismic programming in the ADX operated Parta Permit onshore Romania; and

  • Farmout and financing discussions in relation to the Nilde and Dougga projects.

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The proposed timetable for the Offer is set out below. The dates are indicative only and the Company reserves the right to vary the dates including the right to extend the Closing Date or to withdraw the Offer (subject to the Corporations Act 2001 (Cth) and the ASX Listing Rules).

Lodgement of Prospectus with the ASIC

1 May 2017

Lodgement of Prospectus & Appendix 3B with ASX

1 May 2017

Notice sent to Option holders

1 May 2017

Notice sent to Shareholders

3 May 2017

Ex date

9 May 2017

Record Date for determining Entitlements

10 May 2017

Prospectus despatched to Shareholders & Company announces despatch has been completed

12 May 2017

Last day to give notice to extend the closing Date

18 May 2017

Closing Date*

23 May 2017

Securities quoted on a deferred settlement basis

24 May 2017

ASX notified of under subscriptions

26 May 2017

Allotment / Issue Date

30 May 2017

Despatch of holding statements

30 May 2017

ADX Energy's Chairman, Mr Ian Tchacos said the proceeds of the capital raising would enable the ADX to aggressively pursue its appraisal and development projects while putting the Company in a strong and stable financial position from which to negotiate transactions to fund the appraisal wells on Nilde and Dougga.

For further details please contact: Paul Fink Ian Tchacos Chief Executive Officer Executive Chairman

+61 (08) 9381 4266 +61 (08) 9381 4266

www.adxenergy.com.au

www.adxenergy.com.au

ADX Energy Ltd. published this content on 01 May 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 01 May 2017 02:15:12 UTC.

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