ADX Energy : Quarterly Activities Report – June 2022

ADX Energy Ltd (ASX:ADX)

ASX RELEASE

29 July 2022

Activities Report

For Quarter Ended 30 June 2022

HIGHLIGHTS FOR QUARTER INCLUDE

Production

Vienna Basin Fields - Austria

• Sales Revenues decreased by 2% (A$ 3,290,374 for the quarter)
• Oil Equivalent Production Rates decreased by 22 % (due to well down time averaging 212 BOEPD for the quarter)
• Brent Oil Price increased by 12% (averaging USD 113.78 per barrel for the quarter)
• Gas Price increased by 17% (averaging EUR 104.67 per MWh for the quarter ~ USD 31.3 per mscf)

Development

Anshof Field - Upper Austria

• Anshof-3Well Testing Eocene oil reservoir flowed at 132 barrels of oil per day
• Anshof-3Commercial Production preparations for early production during Q4 2022
• Anshof Development Drilling planning and procurement for Anshof-2 well in Q3 2023
• Anshof Reserves Eocene oil potential being reviewed results expected during Q3 2022

Exploration

Upper Austria - Exploration Licenses

• Acreage Expansion from 450 km2 exploration license area to 1,022 km2
• Welchau 800 BCFE gas prospect prospect matured for drilling. Permitting and long lead items procurement underway to accelerate drilling
• Geothermal and gas dual energy project matured for co-investment
• Farmout program discussions ongoing with multiple parties to fund exploration and appraisal programs

Romania - Iecea Mare Production and Parta Exploration License

• Parta Exploration License engagement with interested farmin parties, extension of prospectivity review to geothermal energy and data exchange with OMV Petrom
• Iecea Mare Production License engagement with interested parties for the development of infill opportunities in proven oilfields

ADX Energy Ltd | ABN 50 009 058 646 -Registered and Principal Office Australia

Suite 214, 210 Bagot Road, Subiaco WA 6008, Australia

Telephone: +61 8 9381 4266 | | www.adxenergy.com.au

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ADX Energy Ltd (ASX:ADX)

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Italy - Sicily Chanel Exploration

• New License award process for gas exploration enabling the potential lifting of the current license suspension and the grant of a license for offshore gas exploration
• D 363 C.R.- AX license gas prospectvity report prepared and as a subsequent event submitted it to the Ministry of "Transition", Department for Energy

Renewable Energy Projects - Austria

• Vienna Basin Green H2 Project further project definition and planning work including engagement with large producers of renewable electricity suitable for green H2 generation, confirmation of electricity grid capacity availability, discussions with potential off-takers of renewable hydrogen for use in premium markets and review of the regulatory framework including requirements for renewable green H2 certification
• Zistersdorf Solar Project technical and commercial evaluation commenced for a 2 MW photovoltaic (PV) project located on ADX owned land at the Vienna Basin oil and gas fields

Finance and Corporate

Cash balance at end of quarter total of A$ 2.56 million

Vienna basin oil production hedging a new zero cost collar contract with a pricing floor

at USD 80.00 per barrel and a cap at USD 130.25 per barrel Brent price was contracted for the period 1 June to 31 December 2022.

PLANNED ACTIVITIES FOR QUARTER 3, 2022

Vienna Basin Production - Austria

Zistersdorf and Gaiselberg Fields. Completion of well work to restore production from affected wells

Anshof Field Development - Upper Austria

Anshof-3Commercial Production. Finalise commercial arrangements for oil sales, production system lease and installation of facilities

Anshof Development Drilling. Procurement of equipment and services for drilling of the Anshof-2 well in Q3 2023

Anshof Reserves (Eocene oil potential). Release of independent assessment results during Q3 2022

ADX Energy Ltd | ABN 50 009 058 646 -Registered and Principal Office Australia

Suite 214, 210 Bagot Road, Subiaco WA 6008, Australia

Telephone: +61 8 9381 4266 | | www.adxenergy.com.au

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ADX Energy Ltd (ASX:ADX)

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Exploration

Upper Austria AGS Licences

• Welchau 800 BCFE gas prospect. Ongoing permitting and procurement of equipment and services to enable earliest drilling
• Farmout program. Ongoing engagement with multiple parties
• Prospect maturation. Mature new gas prospects and geothermal projects

Italy - Sicily Chanel

• D 363 C.R.- AX license gas. Finalise gas resource report and ongoing engagement with ministry to reinstate licenses for gas exploration

Renewable Energy Projects - Austria

Vienna Basin Green H2 Project. Ongoing technical and commercial definition of the pilot project

Zistersdorf Solar Project. Ongoing technical and commercial evaluation with potential development and finance partner

Geothermal and gas dual energy project. Completion of detailed geotechnical and economic scoping study for the Gmunden Project located within the expanded Upper Austrian AGS area

OPERATIONS REPORT

Production Activities

ZISTERSDORF AND GAISELBERG PRODUCTION ASSETS - Vienna Basin, Austria

ADX is operator and holds a 100% interest of the production

Production Operations

Field production rate averaged 212 BOEPD (compared to 268 BOEPD in the previous quarter), a 22% decrease compared to the previous quarter. The decrease was due to the loss of production from 5 wells due to downhole mechanical failures occurring predominantly during April and May 2022. A workover program has commenced to reinstate production from key wells.

ADX Energy Ltd | ABN 50 009 058 646 -Registered and Principal Office Australia

Suite 214, 210 Bagot Road, Subiaco WA 6008, Australia

Telephone: +61 8 9381 4266 | | www.adxenergy.com.au

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ADX Energy Ltd (ASX:ADX)

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Well workover operations at the Gaiselberg and Zistersdorf fields in Lower Austria

Gaiselberg and Zistersdorf Fields

Production

Production histogram showing the production drop in May and June due to well down time

ADX Energy Ltd | ABN 50 009 058 646 -Registered and Principal Office Australia

Suite 214, 210 Bagot Road, Subiaco WA 6008, Australia

Telephone: +61 8 9381 4266 | www.adxenergy.com.au

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ADX Energy Ltd (ASX:ADX)

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Field Revenues and Product Pricing

Average Brent reference oil pricing continued to strengthen during the quarter averaging USD

113.78 per barrel (an increase 12% compared to the previous quarter). Gas prices continued to rise substantially with an average 17% increase compared to the previous quarter.

Despite lower production rates, total field revenues were maintained at a stable level as a result of stronger oil and gas prices.

Table 3 below shows sales revenues of EUR 2,207,399 for the June 2022 quarter compared to EUR 2,263,456 in the March 2022 quarter. Hedging losses of EUR 86,904 resulted in net total revenue of EUR 2,120,495 for the June 2022 quarter compared to EUR 1,888,690 for the March quarter.

Hedging

On 26 May 2022 ADX hedged approximately 50% of its forecast proven (1P) oil production between 1 June 2022 to 31 December 2022 from its Vienna basin fields with a new zero cost collar contract that has a pricing floor at USD 80.00 per barrel and a cap at USD 130.25 per barrel Brent price. The average hedged production rate during the period is approximately 115 barrels of oil per day.

ADX hedging strategy is to secure the current strong revenues from production operations resulting from increased oil price to cover field operating and administration costs. ADX has maintained a high exposure to further upside in Brent crude oil pricing with 50% of the

ADX Energy Ltd | ABN 50 009 058 646 -Registered and Principal Office Australia

Suite 214, 210 Bagot Road, Subiaco WA 6008, Australia

Telephone: +61 8 9381 4266 | www.adxenergy.com.au

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