Announcement • May 20
ADX Energy Ltd has completed a Follow-on Equity Offering in the amount of AUD 4.427 million. ADX Energy Ltd has completed a Follow-on Equity Offering in the amount of AUD 4.427 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 162,962,963
Price\Range: AUD 0.027
Discount Per Security: AUD 0.00162
Security Features: Attached Options
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 1,000,000
Price\Range: AUD 0.027
Discount Per Security: AUD 0.00162
Transaction Features: Subsequent Direct Listing New Risk • May 12
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$7.6m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$7.6m free cash flow). Earnings have declined by 25% per year over the past 5 years. Shareholders have been substantially diluted in the past year (55% increase in shares outstanding). Minor Risk Market cap is less than US$100m (AU$25.9m market cap, or US$18.7m). Announcement • Apr 17
ADX Energy Ltd, Annual General Meeting, May 19, 2026 ADX Energy Ltd, Annual General Meeting, May 19, 2026. Location: level 1, 168 stirling highway, nedlands, western australia, Australia Reported Earnings • Mar 31
Full year 2025 earnings released: AU$0.02 loss per share (vs AU$0.015 loss in FY 2024) Full year 2025 results: AU$0.02 loss per share (further deteriorated from AU$0.015 loss in FY 2024). Revenue: AU$10.8m (up 1.1% from FY 2024). Net loss: AU$11.8m (loss widened 50% from FY 2024). Over the last 3 years on average, earnings per share has fallen by 28% per year whereas the company’s share price has fallen by 26% per year. New Risk • Mar 30
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 20% per year over the past 5 years. Shareholders have been substantially diluted in the past year (55% increase in shares outstanding). Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Market cap is less than US$100m (AU$25.0m market cap, or US$17.2m). New Risk • Mar 22
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 55% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 20% per year over the past 5 years. Shareholders have been substantially diluted in the past year (55% increase in shares outstanding). Minor Risk Market cap is less than US$100m (AU$23.3m market cap, or US$16.3m). Price Target Changed • Mar 16
Price target decreased by 9.5% to AU$0.19 Down from AU$0.21, the current price target is provided by 1 analyst. New target price is 533% above last closing price of AU$0.03. Stock is up 30% over the past year. The company posted a net loss per share of AU$0.015 last year. Price Target Changed • Mar 04
Price target increased by 10.0% to AU$0.22 Up from AU$0.20, the current price target is provided by 1 analyst. New target price is 557% above last closing price of AU$0.034. Stock is up 46% over the past year. The company posted a net loss per share of AU$0.015 last year. New Risk • Nov 21
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 26% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 20% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (26% increase in shares outstanding). Market cap is less than US$100m (AU$16.9m market cap, or US$10.9m). New Risk • Nov 18
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: AU$14.1m (US$9.14m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 20% per year over the past 5 years. Market cap is less than US$10m (AU$14.1m market cap, or US$9.14m). Announcement • Nov 13
ADX Energy Ltd has completed a Follow-on Equity Offering in the amount of AUD 3.62 million. ADX Energy Ltd has completed a Follow-on Equity Offering in the amount of AUD 3.62 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 134,615,385
Price\Range: AUD 0.026
Discount Per Security: AUD 0.00156
Security Features: Attached Options
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 4,615,385
Price\Range: AUD 0.026
Discount Per Security: AUD 0.00156
Security Features: Attached Options
Transaction Features: Subsequent Direct Listing Reported Earnings • Sep 13
First half 2025 earnings released: AU$0.008 loss per share (vs AU$0.007 loss in 1H 2024) First half 2025 results: AU$0.008 loss per share (further deteriorated from AU$0.007 loss in 1H 2024). Revenue: AU$6.16m (up 24% from 1H 2024). Net loss: AU$4.48m (loss widened 37% from 1H 2024). Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has fallen by 33% per year, which means it is performing significantly worse than earnings. New Risk • Sep 12
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$19m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$19m free cash flow). Earnings have declined by 20% per year over the past 5 years. Minor Risk Market cap is less than US$100m (AU$16.3m market cap, or US$10.9m). New Risk • Jul 18
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: AU$15.1m (US$9.86m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 18% per year over the past 5 years. Market cap is less than US$10m (AU$15.1m market cap, or US$9.86m). Minor Risk Less than 1 year of cash runway based on current free cash flow (-AU$30m). Board Change • Jun 04
Less than half of directors are independent Following Director Dave Gilbert's arrival on 01 June 2025, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Non-Executive Director John Begg was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Buy Or Sell Opportunity • May 05
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 15% to AU$0.023. The fair value is estimated to be AU$0.029, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 3.2%. Announcement • Apr 17
ADX Energy Ltd, Annual General Meeting, May 22, 2025 ADX Energy Ltd, Annual General Meeting, May 22, 2025. Location: held at the office of, level 1, 168 stirling highway, nedlands, western australia, Australia New Risk • Apr 02
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 12% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 18% per year over the past 5 years. Shareholders have been substantially diluted in the past year (31% increase in shares outstanding). Minor Risks Less than 1 year of cash runway based on current free cash flow (-AU$30m). Share price has been volatile over the past 3 months (12% average weekly change). Market cap is less than US$100m (AU$16.7m market cap, or US$10.5m). Reported Earnings • Apr 02
Full year 2024 earnings released: AU$0.015 loss per share (vs AU$0.011 loss in FY 2023) Full year 2024 results: AU$0.015 loss per share (further deteriorated from AU$0.011 loss in FY 2023). Revenue: AU$10.7m (down 19% from FY 2023). Net loss: AU$7.87m (loss widened 94% from FY 2023). Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has fallen by 27% per year, which means it is performing significantly worse than earnings. New Risk • Apr 01
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 15% per year over the past 5 years. Shareholders have been substantially diluted in the past year (31% increase in shares outstanding). Market cap is less than US$10m (AU$13.8m market cap, or US$8.67m). Minor Risk Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). New Risk • Jan 16
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 34% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 15% per year over the past 5 years. Shareholders have been substantially diluted in the past year (34% increase in shares outstanding). Market cap is less than US$10m (AU$15.5m market cap, or US$9.65m). Minor Risks Less than 1 year of cash runway based on current free cash flow (-AU$21m). Share price has been volatile over the past 3 months (17% average weekly change). New Risk • Dec 20
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: AU$16.0m (US$9.98m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (17% average weekly change). Earnings have declined by 15% per year over the past 5 years. Shareholders have been substantially diluted in the past year (57% increase in shares outstanding). Market cap is less than US$10m (AU$16.0m market cap, or US$9.98m). Minor Risk Less than 1 year of cash runway based on current free cash flow (-AU$21m). New Risk • Nov 20
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 16% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 15% per year over the past 5 years. Shareholders have been substantially diluted in the past year (58% increase in shares outstanding). Minor Risks Less than 1 year of cash runway based on current free cash flow (-AU$21m). Share price has been volatile over the past 3 months (16% average weekly change). Market cap is less than US$100m (AU$34.4m market cap, or US$22.3m). Reported Earnings • Sep 19
First half 2024 earnings released: AU$0.007 loss per share (vs AU$0.006 loss in 1H 2023) First half 2024 results: AU$0.007 loss per share (further deteriorated from AU$0.006 loss in 1H 2023). Revenue: AU$4.97m (down 29% from 1H 2023). Net loss: AU$3.28m (loss widened 43% from 1H 2023). Over the last 3 years on average, earnings per share has increased by 18% per year whereas the company’s share price has increased by 13% per year. New Risk • Sep 14
New minor risk - Financial position The company has less than a year of cash runway based on its current free cash flow. Free cash flow: -AU$21m This is considered a minor risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 15% per year over the past 5 years. Shareholders have been substantially diluted in the past year (57% increase in shares outstanding). Minor Risks Less than 1 year of cash runway based on current free cash flow (-AU$21m). Market cap is less than US$100m (AU$59.7m market cap, or US$40.0m). Announcement • May 30
ADX Energy Ltd has completed a Follow-on Equity Offering in the amount of AUD 13.5 million. ADX Energy Ltd has completed a Follow-on Equity Offering in the amount of AUD 13.5 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 66,561,903
Price\Range: AUD 0.105
Discount Per Security: AUD 0.0063
Security Features: Attached Options
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 57,142,857
Price\Range: AUD 0.105
Discount Per Security: AUD 0.0063
Security Features: Attached Options
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 4,866,668
Price\Range: AUD 0.105
Transaction Features: Subsequent Direct Listing New Risk • May 29
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 60% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (34% average weekly change). Earnings have declined by 13% per year over the past 5 years. Shareholders have been substantially diluted in the past year (60% increase in shares outstanding). Minor Risk Market cap is less than US$100m (AU$49.4m market cap, or US$32.8m). Announcement • May 02
ADX Energy Ltd has filed a Follow-on Equity Offering in the amount of AUD 13.5 million. ADX Energy Ltd has filed a Follow-on Equity Offering in the amount of AUD 13.5 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 71,428,572
Price\Range: AUD 0.105
Discount Per Security: AUD 0.0063
Security Features: Attached Options
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 57,142,857
Price\Range: AUD 0.105
Discount Per Security: AUD 0.0063
Security Features: Attached Options
Transaction Features: Subsequent Direct Listing Announcement • Apr 23
ADX Energy Ltd, Annual General Meeting, May 22, 2024 ADX Energy Ltd, Annual General Meeting, May 22, 2024, at 16:00 W. Australia Standard Time. Location: LEVEL 1, 168 STIRLING HIGHWAY Nedlands Western Australia Australia Agenda: To receive and consider the annual financial report of the Company for the financial year ended 31 December 2023 together with the declaration of the directors, the Directors' report, the Remuneration Report and the Auditor's report; to consider adoption of Remuneration Report; to consider re-election of Paul Fink as a Director; to consider re-election of Edouard Etienvre as a Director; to consider election of John Begg as a Director; to consider issue of Director Options in Lieu of Consulting Fees Ian Tchacos; to consider issue of Director Options in Lieu of Consulting Fees Paul Fink; to consider issue of Shares to Director Ian Tchacos; to consider issue of Shares to Director Paul Fink; to consider issue of Shares to Director Edouard Etienvre; and to consider other matters. Reported Earnings • Mar 29
Full year 2023 earnings released: AU$0.011 loss per share (vs AU$0.007 loss in FY 2022) Full year 2023 results: AU$0.011 loss per share (further deteriorated from AU$0.007 loss in FY 2022). Revenue: AU$13.2m (down 8.8% from FY 2022). Net loss: AU$4.06m (loss widened 76% from FY 2022). Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Announcement • Jan 18
ADX Energy Ltd. Announces Medical Leave of Absence by Its CEO, Paul Fink ADX Energy Ltd. announced that the Company's Chief Executive Officer, Mr. Paul Fink has requested a period of leave to recover from a medical condition which limits his ability to continue his duties at this time. The Board of ADX supports Paul taking the necessary time to focus on his health and looks forward to welcoming him back in the near future. Announcement • Dec 11
ADX Energy Ltd. Announces Anshof-2 Appraisal Well Update Drilling Operations Report No 5 ADX Energy Ltd. announced that Wireline logging results indicate a much larger high quality reservoir intersection at or near the field oil water contact. The shallower than predicted oil water contact is compensated by the flattening of the structure increasing up-dip volume and the existence of a much thicker reservoir intersection which has been confirmed to extend across the field. ADX and its partner MND have decided to suspend the well with the intention of side tracking the well to an up-dip location after the drilling of the ADX Welchau-1 well. Key points: The Anshof-2 well has intersected the predicted Eocene oil reservoir section at a depth of approximately 2160 metres measured depth (MD), approximately 40 to 50 metres higher than prognosis in terms of vertical depth. The well wasdirectionally drilled in 8 inch hole to a total measured depth of 2321 metres with a final inclination of approximately 73 (i.e. near horizontal). The well has been evaluated with electric wireline logs. Preliminary petrophysical analysis of the Eocene sands confirms at least 12 metres net vertical thickness of high quality reservoir with a porosity of approximately 20%, significantly surpassing the reservoir quality and thickness found in the Anshof-3 discovery well located to the West that has demonstrated strong production performance. The calculated oil saturation across the interval is approximately 34% and as a result the well will not be completed as an oil producer at this bottom hole location but suspended for deviation to a yet to be finalised up-dip location. Oil shows (fluorescence and good chloroform test reaction) at the top of the Eocene section indicate that higher oil saturations can be expected slightly further up-dip from the Anshof-2 bottom hole location. While the oil saturation at the Anshof-2 top hole location is clearly less than expected, ADX' interpretation is that the well has penetrated the Eocene reservoir close to the oil water contact (OWC). The presence of a thick very high-quality reservoir section in line with ADX' P10 (upside) case pre drill maps and the fact that Anshof oil field structure isatter and larger due to the Eocene sands being encountered 40 to 50 metres higher thannosis is expected to compensate for the shallower than expected OWC depth at this location, i.e. a larger crestal volume with greater net reservoir thickness (approx. 5 times that encountered at the Anshof-3 discover and production well). The suspension of the Anshof-2 well allows the time to evaluate an optimal well location which is sufficiently up-dip from the current bottom hole location with an intersection of a similar or greater thickness of high-quality reservoir sandstones. The drilling of a side track from the bottom of 9 inch casing provides significant cost savings for the planned sidetrack development well. Eocene oil production wells in the basin with similar high quality sand intersections as encountered in Anshof-2 have produced at rates of approximately 1,000 barrels per day. The Anshof-2 appraisal well is located in the ADX-AT-II licence in Upper Austria. The well was spudded at 10:00 am Central European Time (CET) on the 13th of November 2023. ADX is the operator and has a 60% economic interest in the well. The RED Drilling & Services GmbH (RED) E-202 drilling rig is expected to be released on the 12th December 2023 following completion of suspension operations. Announcement • Nov 29
ADX Energy Ltd has completed a Follow-on Equity Offering in the amount of AUD 4.8 million. ADX Energy Ltd has completed a Follow-on Equity Offering in the amount of AUD 4.8 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 42,000,000
Price\Range: AUD 0.1
Discount Per Security: AUD 0.006
Security Features: Attached Options
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 6,000,000
Price\Range: AUD 0.1
Discount Per Security: AUD 0.004
Security Features: Attached Options
Transaction Features: Subsequent Direct Listing Reported Earnings • Sep 18
First half 2023 earnings released: AU$0.001 loss per share (vs AU$0 in 1H 2022) First half 2023 results: AU$0.001 loss per share (further deteriorated from AU$0 in 1H 2022). Revenue: AU$7.04m (up 5.8% from 1H 2022). Net loss: AU$2.30m (loss widened 145% from 1H 2022). Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 30
Full year 2022 earnings released: AU$0.001 loss per share (vs AU$0.002 loss in FY 2021) Full year 2022 results: AU$0.001 loss per share (improved from AU$0.002 loss in FY 2021). Revenue: AU$14.5m (up 50% from FY 2021). Net loss: AU$2.30m (loss narrowed 45% from FY 2021). Over the last 3 years on average, earnings per share has increased by 12% per year and the company’s share price has also increased by 12% per year. Board Change • Feb 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 3 highly experienced directors. Independent Non-Executive Director Edouard Etienvre was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Price Target Changed • Nov 16
Price target increased to AU$0.07 Up from AU$0.06, the current price target is provided by 1 analyst. New target price is 900% above last closing price of AU$0.007. Stock is down 36% over the past year. The company posted a net loss per share of AU$0.0016 last year. Price Target Changed • Nov 02
Price target increased to AU$0.07 Up from AU$0.06, the current price target is provided by 1 analyst. New target price is 900% above last closing price of AU$0.007. Stock is down 42% over the past year. The company posted a net loss per share of AU$0.0016 last year. Announcement • Oct 24
ADX Energy Ltd Commences Commercial Production from Anshof-3 Discovery Well ADX Energy Ltd. advised that it has commenced crude oil production at the Anshof-3 discovery well in the ADX-AT-II license in Upper Austria. Production from the Eocene oil reservoirs has been constrained to 100 barrels of oil per day due to restricted onsite day storage capacity and limitation on truck movements required to transport the oil to a nearby terminal for final processing for delivery by rail to the OMV refinery near Vienna. Eocene oil at Anshof is a high quality (32° API) sweet crude (i.e., low sulphur content) which will be sold at a small discount to Brent oil. Oil is being produced from the Anshof-3 discovery as long-term testing operation in accordance with Austrian legislation allowing the production of up to 37,000 barrels prior to finalising a production license for the entire discovery area. ADX mapping indicates that Anshof extends to an area of approximately 25 km². Well productivity, which is currently being curtailed, is at the upper end of expectation. Production performance from the Anshof-3 well will be observed during the long-term test to determine the production capacity, continuity of the Eocene reservoirs and pressure support at the Anshof-3 location. Production rates from subsequent wells on the flank of the large structure, where the Eocene reservoirs are expected to thicken, are likely to result in significantly higher production rates. (Refer to Figure 1 below). The Anshof well is being produced via a leased EPU and the oil is processed, transported and sold under an agreement ("OSA") with RAG Exploration and Production GmbH ("RAG E&P"). The agreements enable the commercial long term test production of Anshof. The EPU provides oil and gas separation, power generation, well site storage, offloading and telemetry control systems at the Anshof-3 location, which allows oil to be efficiently produced from the well with minimal operator intervention. The OSA provides the commercial framework for the processing, transportation, delivery of Anshof crude to RAG E&P for sale in conjunction with its own crude delivered by train to the OMV refinery near Vienna. The sales price for Anshof crude will be at Brent less a small quality differential. ADX has achieved attractive terms for the processing, storage and transportation of Anshof crude through these arrangements. ADX is planning the drilling of two additional production wells and the installation of a permanent production facility at the same location as the Anshof -3 well. Oil rates in subsequent wells on the flank of the large structure, where the Eocene reservoirs are expected to thicken, are likely to result in significantly higher production rates than the crestal located Anshof-3 well. Further well production results will be reported to Shareholders on an ongoing basis, together with details of sales revenues. Reported Earnings • Sep 14
First half 2022 earnings released: EPS: AU$0 (vs AU$0.001 loss in 1H 2021) First half 2022 results: EPS: AU$0 (improved from AU$0.001 loss in 1H 2021). Revenue: AU$6.66m (up 48% from 1H 2021). Net loss: AU$940.5k (loss narrowed 50% from 1H 2021). Over the last 3 years on average, earnings per share has fallen by 5% per year whereas the company’s share price has fallen by 10% per year. Announcement • Sep 07
ADX Energy Ltd Announces Anshof-3 Well Early Production to Commence Mid-October ADX Energy Ltd. advises that it has finalised commercial arrangements which enable the long-term oil production testing for the Anshof-3 discovery well within the ADX-AT-II license in Upper Austria. First commercial test production from the well is expected mid October 2022. ADX holds an 80% operated interest in the Anshof discovery with the balance (20%) being held by its partner Xstate Resources Limited. The commercial arrangements include an agreement for the lease of an Early Production System ("EPS") and an Oil Production, Transportation and Sales Agreement ("OSA") with RAG Exploration and Production GmbH ("RAG E&P"). The EPS will provide oil and gas separation, power generation, well site storage, offloading andtelemetry control systems at the Anshof-3 location which will allow oil to be efficiently produced from the well with minimal operator intervention. The EPS will be mobilised to the Anshof-3 location in the coming weeks and the term of the lease is approximately 12 months. The OSA provides the commercial framework for the processing, transportation, delivery and sale of Anshof crude to RAG E&P, which will be onsold in conjunction with its own crude to the OMV refinery near Vienna. The sales price for Anshof crude will be at Brent less a small quality differential. The processing, storage and transportation charge for Anshof crude will be approximately USD 11 per barrel. Oil production will be delivered from the EPS to a nearby RAG E&P oil terminal for processing and transportation by rail to the OMV refinery near Vienna. The Anshof-3 well has been tested and a production string has been installed in the well together with a down hole pump in preparation for long term production testing. Eocene oils produced in the area typically have a low gas oil ratio and hence require pumping from commencement of production. The Anshof-3 well produced 132 barrels per day water free light crude oil (32° API) during testing operations. A sustained rate of approximately 100 barrels per day is expected during long term production testing. The Anshof-3 well was flow tested prior to acidisation of the well which was undertaken to overcome reservoir damage from drilling. Acidisation in offset wells has resulted in substantial increases in production rate. The leased EPS is expected to enable approximately 10 months of commercial production prior to the drilling of the Anshof-2 and Anshof-1 development wells. It is envisaged that following the successful drilling of the Anshof-2 and Anshof-1 wells that a permanent facility will be installed which will allow the maximisation of production from the three well cluster. Oil rates in subsequent wells on the flank of the large 25 km2 structure, where the Eocene reservoirs are expected to thicken, are likely to result in significantly higher production rates than from Anshof-3. Announcement • Aug 30
Adx Energy Ltd Announces Potential Ratification of Offshore Italy License for Gas ADX Energy Ltd. announced that the Italian licensing authorities have recently offered ADX the opportunity to ratify its' licence held within the Sicily Channel, offshore Italy. The ratification is subject to a number of conditions including that only the gas potential within its d363C.R-.AX license is commercially exploited. Technical work undertaken by ADX has highlighted the excellent shallow gas prospectivity of the shallow water license. The total best technical prospective resource potential of five high graded prospects is 369 BSCF (billion standard cubic feet). The five high graded prospects are considered as relatively low risk since they are simple 4-way dip anticline closures featuring a seismic amplitude response commonly known in the industry as "DHI" (Direct Hydrocarbon Indicator). The two 2D seismic lines below show that data quality is excellent for the Miocene reservoir section where the gas prospects are located. Several amplitude anomalies can be seen. In addition, the seismic response is in line with nearby well data which indicates stacked pay potential that may result in significant upside resource potential. Based on initial discussions with the Italian authorities, ADX will submit, by 10th October 2022, a work program committing to seismic reprocessing and the option to acquire 2D seismic and 3D seismic data. Since none of the prospects and other identified leads have been covered with 3D seismic to date, ADX expects that more prospects may be identified, including large stratigraphic traps as indicated by the existing 2D seismic. It is expected that 3D seismic would further substantially reduce exploration risk and attract further investment through farmouts. At the end of 4 years after license ratification ADX could elect to drill a well or drop the license. License ratification conditions A further license condition requested by the authorities prior to license ratification is that ADX commits to only drill in areas within the licence outlined in green in the map below. This is a result of a 3-year process which led the Italian parliament to ratify a law outlining in detail the areas which are still available for conventional oil and gas activities based on an assessment of environmental, social and economic suitability. The original license outline is shown for reference in the second map below. Some gas prospects are unlikely to be drilled in the foreseeable future due to the current license conditions, however the area still offers sufficient potential for highly attractive gas exploration supported by a combination of an attractive fiscal regime, low exploration risk, shallow water and a large unsatisfied gas demand in Italy. Announcement • Aug 11
ADX Energy Ltd has completed a Follow-on Equity Offering in the amount of AUD 2.55 million. ADX Energy Ltd has completed a Follow-on Equity Offering in the amount of AUD 2.55 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 425,000,000
Price\Range: AUD 0.006
Discount Per Security: AUD 0.00036
Transaction Features: Subsequent Direct Listing Price Target Changed • May 11
Price target decreased to AU$0.055 Down from AU$0.06, the current price target is provided by 1 analyst. New target price is 686% above last closing price of AU$0.007. Stock is down 13% over the past year. The company posted a net loss per share of AU$0.0016 last year. Announcement • May 10
ADX Energy Ltd Provides Anshof-3 Well Test Results Update ADX Energy Ltd. announced that 132 barrels per day of water free, light crude oil (32° API) was the maximum rate recorded during testing from one of three flow periods from the 6-metre gross Eocene oil zone in the Anshof-3 well. The Anshof-3 discovery well is located within the ADX-AT-II license in Upper Austria. This more recent and detailed analysis incorporating down pressure data recovered from gauges in the well at the end of testing ("Pressure Data") compares very favourably with the previously announced initial flow rate of 75 barrels of oil per day. The analysis of Pressure Data indicates better than expected reservoir flow performance from the relatively thin Eocene reservoirs encountered at the crest of the Anshof structure. The Pressure Data analysis also has indicated that there are no flow barriers close to the well. The positive flow performance at the Anshof-3 well has positive implications for future Anshof appraisal and development wells down dip from the crest of structure where the Eocene reservoirs are expected to thicken considerably in some areas based on offset well data and 3D seismic attributes. The absence of interpreted flow barriers during the test is a positive indication for future oil recovery from the planned long term Anshof-3 production when processing facilities are installed. At the conclusion of testing operations the well was acidised to further enhance productivity and a production string was installed in the well, as well as a down hole pump in preparation for long term production. The Anshof well flowed during the testing without any acidisation to overcome reservoir damage from drilling. Acidisation has been routinely deployed in offset wells which has often resulted in substantial increases in production rates. Due to the positive test results ADX intends to install an early production testing processing facility for commercial oil sales to be delivered by truck to a nearby oil terminal with a view to generating cash flow as soon as possible and obtaining further information in relation to the greater Anshof oil accumulation. Interim production of up to 37,000 barrels (approximately 100 barrels per day for a period of one year) is allowed under Austrian legislation prior to finalizing a production license for the entire discovery area which ADX has mapped to extend over an area of approximately 24 km². Price Target Changed • Apr 27
Price target increased to AU$0.055 Up from AU$0.04, the current price target is provided by 1 analyst. New target price is 686% above last closing price of AU$0.007. Stock is down 30% over the past year. The company posted a net loss per share of AU$0.0016 last year. Announcement • Apr 26
ADX Energy Ltd Announces Anshof-3 Well Flows Clean Oil to Surface ADX Energy Ltd. advised that water free light crude oil (32° API) flows have been recorded at the Anshof-3 well in the ADX-AT-II license in Upper Austria during testing of the Eocene oil zone. Oil was produced to surface at an approximate rate of 75 barrels of oil per day during two flow periods from the 6 metre gross Eocene reservoir oil column intersected at the Anshof-3 well. The well has been shut in after each flow period to record a pressure build up in the well which is expected to provide further information in relation to the production capacity and possible drainage volumes from the well. Well productivity in the well was at the upper end of expectation for the relatively thin net pay reservoir thickness encountered at the crest of the Anshof structure. Oil rates in subsequent appraisal wells planned on the eastern flank of the structure where the Eocene reservoirs are expected to thicken are likely to result in significantly higher production rates. The Anshof well flowed during the test without any acidization required to overcome reservoir damage from drilling. Acidisation has been routinely deployed in offset wells which has resulted in substantial increases in production rates. At the completion of flow testing and the recording of pressure build up data the well will be acidized to enhance production rates. Following acidization production tubing will be run in the well together with a down hole pump in preparation for commercial production. Eocene oils produced in the area typically have a low gas oil ratio and require pumping. Planning has also commenced to install an early production testing processing facility for interim commercial production which will delivered by truck to a nearby oil terminal for transportation and sale. Interim production of up to 37,000 barrels (approximately 100 barrels per day for a period of one year) is allowed under Austrian legislation prior to finalising a production license for the entire discovery area which ADX has mapped to extend over an area of approximately 24 km². Further well testing results: Further well testing results will be provided to shareholders following the analysis of flow data and pressure build up data recorded in the well from multiple flow and shut in periods. Announcement • Apr 22
ADX Energy Ltd, Annual General Meeting, May 27, 2022 ADX Energy Ltd, Annual General Meeting, May 27, 2022, at 10:00 W. Australia Standard Time. Location: Level 2, Suite 14, 210 Bagot Road, Subiaco Subiaco Western Australia Australia Agenda: To consider Financial Statements and Reports; to consider adoption of remuneration report; to consider re-election of Mr. Paul Fink as a Director; to consider re-election of Mr. Edouard Etienvre as a Director; to consider Issue of Director Options in Lieu of Consulting Fees; to consider Issue of Director Options in Lieu of Consulting Fees; and to consider other matters. Announcement • Apr 11
Adx Energy Ltd Announces Anshof-3 Discovery Testing Update ADX Energy Ltd. advised that the RED W-101 workover rig has been mobilised to location in preparation for testing the Eocene oil zone at its Anshof-3 well in the ADX-AT-II license in Upper Austria. The first oil inflow is expected to be recorded by the end of the week commencing 18th April 2022 when the Eocene oil zone will be perforated after running tubing in the well. Testing is expected to include two flow periods and a pressure build up after well shut in to measure the pressure responses within the reservoir. Testing operations are expected to be concluded by the end of April. The testing program is designed to evaluate the long-term production, reserves and economic potential of the Eocene oil zone at the Anshof-3 well, the resources potential of the greater Anshof discovery and the ongoing appraisal and development of the Eocene oil discovery. Anshof is a large structure mapped with 3D seismic which has a vertical relief of up to 440 metres and extends over a total area of 24 km². Two follow up appraisal locations have already been identified based on the ongoing geological and geophysical (G&G) work undertaken to date. Following the successful testing of the 6 m gross Eocene oil zone the well is expected to be placed on production with an early production unit utilising a rod pump and delivering oil for sale by truck to a nearby oil terminal. Interim production of up to 37,000 barrels (approximately 100 barrels per day for a period of one year) is allowed under Austrian legislation prior to finalising a production license for the entire much larger discovery area which ADX has mapped to extend over an area of approximately 24 km². Reported Earnings • Apr 01
Full year 2021 earnings released: AU$0.002 loss per share (vs AU$0.003 loss in FY 2020) Full year 2021 results: AU$0.002 loss per share (up from AU$0.003 loss in FY 2020). Revenue: AU$9.64m (up 41% from FY 2020). Net loss: AU$4.17m (loss narrowed 2.5% from FY 2020). Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Announcement • Mar 31
ADX Energy Ltd Announces Anshof-3 Discovery Testing Update ADX Energy Ltd. announced that due to an unexpected Covid-19 related event occurring with the rig contractor personnel, the testing program for the Eocene oil zone discovery at its Anshof-3 well in the ADX-AT-II license in Upper Austria has been delayed by approximately a week. The RED W-101 workover rig is now expected to move on the Anshof-3 oil discovery site location around the 8th of April to commence running a test string then undertaking perforation and flow testing operations shortly afterwards. The first well oil inflow is expected to be recorded by the end of the week commencing 18th April when the Eocene oil zone will be perforated after running tubing in the well. Testing operations will be concluded by the end of April following two flow periods and a pressure build up after well shut in to measure the pressure responses within the reservoir. A summary of drilling and evaluation results. The testing program is designed to evaluate the long-term production and economic potential of the Eocene oil zone at the Anshof-3 well, the reserves potential of the Anshof discovery and the ongoing appraisal and development of the Eocene oil discovery. Anshof is a large structure mapped with 3D seismic which has a vertical relief of up to 440 meters and extends over a total area of 24 km². Twofollow up appraisal locations have already been identified based on the ongoing geological and geophysical (G&G) work to date. Following the testing program of the 6 m gross Eocene oil zone, the well is expected to be placed on long-term interim production utilising a rod pump and delivering oil for sale by truck to a nearby oil terminal. Interim production of up to 37,000 barrels (approximately 100 barrels per day for a period of one year) is allowed under Austrian legislation prior to finalising a production license. Announcement • Mar 02
ADX Energy Ltd Provides Update on Well Work Program on Four of Its Production Wells At Gaiselberg and Zistersdorf Fields in the Vienna Basin ADX Energy Ltd. announced that it has completed a well work program on four of its production wells at its 100% owned and operated Gaiselberg and Zistersdorf fields in the Vienna basin. The well work has increased production levels by approximately 64 barrels of oil equivalent per day ("BOEPD") through a combination of production restoration from well maintenance as well as the perforation of additional behind pipe reserves in two existing wells. The current Field rate of 318 BOEPD consists of 281 BOPD of oil and 37 BOEPD of gas. The well work has resulted in a 25% increase in production rate compared to the average production rate reported for the quarter ended 31 December 2021. The well work was a scheduled routine program which is intended to maintain well productivity and systematically access new behind pipe reserves from wells in the multi layered field as production from already perforated layers are depleted. The cost of the four well work over program was EUR 183,000. The Field continues to produce efficiently at a stable production rate without decline. The current production rate is approximately 10% higher than the monthly production rate of the Field following its purchase by ADX in December 2019. Announcement • Jan 29
ADX Energy Ltd Commences Preparations for Testing Anshof Discovery Well ADX Energy Ltd. advised that preparations for production testing operations at its Anshof-3 exploration discovery well are underway with a view to an early March 2022 commencement date. Well test design and engineering work is focusing on the deeper Eocene sandstone reservoir oil zone and the shallower Miocene sandstone reservoir gas zone. The Cenomanian (Cretaceous) oil zone (11m gross pay identified on logs and petrophysical analysis) just above the basement and well TD at 2499m MD (1730m TVDSS) will not be tested at the current Anshof-3 bottom hole location because it is likely to exhibit better reservoir quality elsewhere within the large Anshof structure. Based on well results to date, ADX believes the pre-drill most likely Eocene oil resources do not warrant revision. The current understanding of the Eocene resources is considered to be in line with that independently assessed by RISC predrill for the following reasons: The Anshof-3 exploration well intersected the Top Eocene oil zone as predicted by the 3D seismic pre-drill interpretation, i.e. only 4m higher than prognosed (making the potential oil column slightly larger by a commensurate amount). This excellent result validates the pre-drill structural model and confirms the presence of a large structure. A major contribution to the oil resource calculation stems from the structural configuration of the oil pool gross rock volume ("GRV"), which remains largely unchanged. If anything, a slight increase can be expected due to the Anshof-3 well coming in slightly high to prognosis. The dark green area around Anshof-3 defines the minimum (P90) oil filled area. The presence of reservoir was the main geological risk prior to drilling which has now been mitigated by the intersection of a 6m gross oil column in the Anshof-3 well with at least 2.5 to 4ms being high quality reservoir net pay section based on the current petrophysical interpretation. No free water or an oil water contact was intersected in the well. This result is within the pre-drill prediction expectation supported by RISC in its independent resource assessment. Therefore, future field appraisal and development wells will focus on drilling locations with the potential for optimal reservoir thickness in contrast the Anshof-3 well which targeted the crest of the structure. The map indicates areas to the East of the Anshof-3 well where a much thicker Eocene reservoir section can be expected. With the structural risk eliminated by the Anshof-3 well results, these areas can be specifically targeted for high productivity development wells. In addition to the optimal Eocene potential, it is likely that areas away from the Late Cretaceous paleo high as mapped on 3D seismic may also contain better quality and potentially more productive Cenomanian oil reservoir sections as has been the case in other nearby oil fields in the area. The RED W-102 workover rig, which is currently operating in ADX' Vienna Basin oil fields to enhance oil & gas production, will be mobilised to the Anshof-3 location together with necessary testing equipment during the week commencing 1st March in order to first test the Eocene sandstone oil reservoir. Subject to the Eocene sandstone producing at commercial rates, the Anshof-3 well will be tied in to an existing gathering pipeline approximately 70m from the well head. Pipeline tie-in has already approved by the Austrian regulators. First commercial oil production can be expected after securing all necessary regulatory approvals as well as the installation of necessary metering and the commissioning of production facilities within 6 months of successful well testing operations. Miocene gas reservoir testing and development strategy The approximate 20m gross gas reservoir zone at a depth of around 800m (MD) within the overthrust imbricates of the Miocene aged finely laminated deep water turbidites clastic section. There is an estimated total 14m of gas pay zone based on the preliminary petrophysical interpretation undertaken following wireline logging of the Anshof-3 well. Several gas field analogies exist with similar reservoir sections enabling the design of an optimised testing and completion program for this zone. Following the completion of an ongoing interpretation of petrophysical and formation imaging ("FMI") data from wireline logs, ADX will provide resources estimates for the Miocene gas reservoirs as well as an appraisal and development drilling plan. Due to the shallow depth and close vicinity to gas infrastructure, even relatively small volumes can be produced commercially at current European gas prices. In case of a successful well test which is anticipated during mid to late March 2022, first gas production can be expected for early November 2022, allowing ADX to benefit from the current highly elevated European gas prices. The results of a final petrophysical analysis derived from electric line logging data obtained during the drilling of the Anshof-3 well will be available in early February. These results will be used for an update of the predrill Eocene main target oil resources. No resources have been provided by ADX for the newly discovered shallow Miocene gas zone and the Cenomanian oil zone since these hydrocarbon zones were defined as "opportunities" only rather than pre drill primary targets. The Miocene gas sands and the Cenomanian oil zone discovered in the Anshof-3 well have been productive in nearby oil and gas fields which provide ongoing appraisal and development opportunities within the Anshof structure. ADX will continue to evaluate and report on the potential of Miocene and Cenomanian reservoirs to be incorporated into ongoing appraisal and development work programs. Announcement • Jan 18
ADX Energy Ltd Announces Anshof Exploration Well Update Operations Report No 5 ADX Energy Ltd. advised that drilling operations on the Anshof-3 exploration well have been completed and the RED Drilling & Services GmbH (RED) E-200 rig was released at 18.00 Central European Time on 15 January 2022 following the running and cementing of 7 inch casing to the total depth (TD) of 2499m. Operations since the last report have included electric line logging of 8 ½ inch hole from a depth of 331m to TD of 2,499m as well as the running and cementing of 7 inch casing. The Anshof-3 exploration well is located in the ADX-AT-II license in Upper Austria. spudded on 18 December 2021 with the RED E-200 rig. Future Anshof-3 Well Operations This is the final drilling operations report representing day 28 of operations. The well has been suspended in preparation for completion with production tubing utilising a workover rig prior to testing and potential long-term production thereafter. Further Updates of Operations and Well Results Further information regarding the interpretation of drilling and wireline logging data will be provided as it becomes available. Engineering, planning and procurement work has commenced in preparation for testing and production operations utilising a workover rig. Further updates will be provided once the work program for the work has been completed. Announcement • Jan 11
ADX Energy Ltd Announces Exploration Well Update ADX Energy Ltd. announced that the Anshof-3 well has reached a total depth 2499m in 8 ½ inch hole on 6 of January 2022. The final drill depth of the well is in crystalline basement allowing sufficient open hole at the bottom of the well (Rathole) to accommodate electric line logging operations enabling the evaluation of the deepest potential hydrocarbon bearing zones observed in the well. Operations since the last report included the drilling of 8 ½ inch hole to the total depth of the well and conditioning the 8 ½ inch hole in preparation for electric line logging. Electric line logging operations have been delayed due to well bore instability which has required remedial hole conditioning including reaming and increasing mud weight prior to logging.Current operations include electric line logging operations to evaluate the potential of oil and gas zones of interest observed while drilling the well. Current operations are electric line logging of 8 ½ inch hole from a depth of 331m to TD in the crystalline basement of approximately 2499m to determine the productive potential of the intersected reservoirs and confirm the likelihood of moveable hydrocarbons across the various zones of interest. Announcement • Jan 06
ADX Energy Ltd. Announces Oil and Gas Discovered At Anshof-3 Well ADX Energy Ltd. announced that the Anshof-3 exploration well in Austria has encountered an oil zone and a gas zone of interest based on preliminary results from drilling data including measurement while drilling and mud logging. The Anshof-3 well is located in the ADX-AT-II license in Upper Austria. The well reached a depth of approximately 2400m in 8 ½ inch hole at 8pm Central European Time on the 4th of January 2022 utilising the RED Drilling & Services GmbH (RED) E-200 rig on day 17 of drilling operations. The well is drilling ahead in the 8 ½ inch hole to basement which will be the total depth for the well at approximately 2500m. The well may also intersect a secondary oil target prior to reaching total depth (Cenomanian sandstones). ADX is planning an electric line logging program for the 8 ½ inch hole to further evaluate potential of the hydrocarbon intervals encountered in the well. Observations and results The preliminary results from Anshof-3 drilling data are summarised as follows; A 9m gross interval has been encountered at the primary Eocene oil target, and A 20m gross interval with potentially good reservoir quality has been encountered with strong gas shows within imbricated Miocene formations. Planned future operations include electric line logging 8 ½ inch hole from a depth of 331m to the total depth into the crystalline basement which is expected at a depth of approximately 2500m to determine the productive potential of the intersected reservoirs and confirm the likelihood of moveable hydrocarbons across the various intervals of interest. Announcement • Jan 04
ADX Energy Ltd Announces Anshof Exploration Well Update Operations Report No 3 ADX Energy Ltd. announced that the Anshof-3 well has reached a depth of 2201m in 8 ½ inch hole at 6.00 am Central European Time on the 3rd of January 2022 utilising the RED Drilling & Services GmbH (RED) E-200 rig on day 16 of drilling operations. The Anshof-3 exploration well is located in the ADX-AT-II license in Upper Austria. Key points: The Anshof-3 exploration well located in the ADX-AT-II license in Upper Austria spudded on 18 December 2021. Drilling operations with the RED Drilling & Services GmbH (RED) E-200 rig are progressing according to schedule on day 16 of the program. At 6.00 am Central European Time on the 3rd of January 2022 the well had reached a drill depth of 2201m in 8 ½ inch hole. The first oil reservoir target (Eocene sandstone) is expected at approximately 2310m, followed by a secondary target within Cretaceous sandstones (Cenomanian) expected at 2490m drill depth. Operations since the last report included drilling ahead in 8 ½ inch hole from 1223m to the current depth. Planned future operations include drilling ahead in 8 ½ inch hole to a total depth of 2540m and logging of the well. Several gas shows have been observed while drilling from 175m to the current depth. A zone of special interest is an approximately 20 meters interval with excellent gas shows at approximately 850 meters depth which contains several potential sandstone reservoir layers based on drilling data. This zone will be further evaluated once the 8 ½ inch hole is logged after the well reaches total depth. Announcement • Dec 29
ADX Energy Ltd Announces Anshof Exploration Well Update Operations Report No 2 ADX Energy Ltd. advised that the Anshof-3 well reached a depth of 1123m in 8 ½ inch hole at 6.00 am Central European Time on the 28th of December 2021 utilising the RED Drilling & Services GmbH (RED) E-200 rig on day 10 of drilling operations. The Anshof-3 exploration well is located in the ADX-AT-II license in Upper Austria. Operations since the last report included the drilling of 12 ¼ inch hole to a depth of 340m, the running and cementing of 9 inch casing as well as drilling to the current depth of 1123m in 8 ½ inch hole. The well is progressing in accordance with the drilling program and schedule. Shallow gas shows have been encountered from approximately 175m onwards and has led to a requirement to degas the well which resulted in a small delay during the 9 inch casing running and cementing operations. These gas shows are common in nearby oil and gas fields and are caused by small structural - stratigraphic traps formed by thin interbedded sands and silt stones within the predominantly shale section of the imbricated Miocene Puchkirchner formations. Further strong gas shows caused by relatively small, interpreted gas traps are expected to be intersected by the well until the main oil target is encountered at the top of the Eocene sandstone reservoirs. Announcement • Dec 20
ADX Energy Ltd Provides Anshof Exploration Well Update Operations Report No 1 ADX Energy Ltd. announced that the Anshof-3 well was spudded at 02.00 am CET on the 18 of December 2021. The Anshof-3 well is located in the ADX-AT-II license in Upper Austria. During the first 24 hours of operation the RED Drilling & Services GmbH (RED) E-220 rig had drilled 17 ½ inch hole to a depth 37m and cemented 13 inch casing. Future Anshof-3 drilling operations are planned to include preparation to drill 12 ¼ inch hole and drilling ahead to a depth of 340 m prior to running and cementing 9 inch casing. Anshof is a well defined modern 3D seismic covered Eocene - Cenomanian prospect located up-dip and on trend from existing oil production from adjacent fields. The ADX in house team has developed a new structural model constraining the nearby producing Voitsdorf, Bad Hall and Pfarrkirchen oil fields which has resulted in identification of a number of on trend prospects and appraisal opportunities. Success at Anshof-3 will validate the new structural model and de-risk multiple follow up prospects. Anshof-3 has a best technical case prospective resource potential of 6.6 MMBOE with significant upside potential in the primary Eocene sandstone reservoir objective. The well plan includes a deeper Cenomanian secondary target with a best technical resource potential of 2.1 MMBOE. Announcement • Dec 15
Adx Energy Ltd Announces Well Site Construction Complete & Rig Mobilisation Commences ADX Energy Ltd. announced that the construction of the Anshof well site has been completed in preparation for the drilling of the Anshof prospect in the ADX-AT-II license in Upper Austria. The completion of the Anshof well site has enabled the commencement of mobilisation of RED Drilling & Services GmbH (RED) E-220 rig on the 13th of December 2021. The first Anshof Prospect exploration well will be drilled from the Anshof-3 Well surface location. The Anshof-3 Well surface location is outside an area requiring approval by the Austrian Forestry Authority. Drilling from this location has enabled the commencement of well site construction to meet the drilling rig availability during December 2021. ADX expects approval by the Forestry Authority for the two additional surface locations for drilling by year end allowing follow up appraisal and development drilling. ADX will commence providing regular updates to shareholders in relation to preparations for drilling the up-coming Anshof-3 Well. Announcement • Dec 08
ADX Energy Ltd announced that it expects to receive AUD 2.847 million in funding ADX Energy Ltd announced a private placement of 284,700,000 shares at an issue price of AUD 0.01 per share for gross proceeds of AUD 2,847,000 on December 8, 2021. The transaction will include participation from sophisticated, institutional and professional investors. The company will also issue one free attaching unlisted option for every 2 placement shares. The exercise price of the placement options is AUD 0.015 with an expiry date of June 30, 2022. The transaction is expected to close on or about December 14, 2021. Announcement • Nov 24
Adx Energy Ltd Obtains the Final Environmental Approval Required to Commence Well Site Construction for the Anshof Well Location in the ADX-AT-II exploration License in Upper Austria ADX Energy Ltd. announced that it has obtained the final environmental approval required to commence well site construction for the Anshof well location in the ADX-AT-II exploration license in Upper Austria. Well site construction for up to three wells is expected to be completed by mid-December enabling rig mobilisation and the expected spud of the Anshof exploration well to be drilled from the Anshof-3 Well surface location during the third week of December 2021. The Anshof-3 Well surface location is outside an area requiring approval by the Forestry Authority. Drilling from this location has enabled the commencement of well site construction to meet a rig slot available in December 2021. ADX expects approval by the Forestry Authority for two additional well locations in about 2 weeks from today. Due to the high chance of success for the Anshof-3 Well, the pre investment in further well locations that enable follow up appraisal and development drilling makes good economic sense because it will facilitate field development fast tracking. Approvals have been received from the regulatory authority for up to three drilling locations from the Anshof well site. The Anshof-3 Well location is approximately 50 metres from an oil and gas pipeline bundle which can be accessed to process and export crude. On the 22nd of November 2020 ADX announced the agreement with RAG Exploration & Production GmbH (RAG E&P) of commercial terms for the access of future oil and gas production from ADX Upper Austria exploration and appraisal licenses in Upper Austria which surround producing fields and infrastructure operated by RAG E&P. The agreement enables the reduction of capital expenditures and the time taken from drilling to commercial production due to the ability to tie into RAG E&P's existing hydrocarbon gathering, processing and storage facilities which are connected to Austria's oil and gas infrastructure network. Drilling is expected to spud prior to Christmas following mobilisation during the third week of December 2021. ADX has finalised the key materials and services required for the well including a multi well call out contract with RED Drilling & Services GmbH (RED). The agreement with RED provides contractual terms for multiple wells subject to rig availability. The first rig slot has been secured for the spud of the Anshof-3 well in December 2021 using the RED E-200 drilling rig. Reported Earnings • Sep 15
First half 2021 earnings released: AU$0.001 loss per share (vs AU$0.001 loss in 1H 2020) The company reported a solid first half result with reduced losses, improved revenues and improved control over expenses. First half 2021 results: Revenue: AU$4.49m (up 22% from 1H 2020). Net loss: AU$1.88m (loss narrowed 15% from 1H 2020). Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has fallen by 14% per year, which means it is performing significantly worse than earnings. Announcement • Jan 21
ADX Energy Ltd Enters an Agreement with Horváth & Partners ADX Energy Ltd. announced that it has entered an agreement with Horváth & Partners (Horváth) to undertake a pre-feasibility assessment for hydrogen storage at ADX's Gaiselberg and Zistersdorf fields in the Vienna Basin as well as the creation of a profitable hydrogen business model which will be complimentary and synergistic with ADX's current oil & gas energy business (Hydrogen Study). The Hydrogen Study is expected to be undertaken in two phases. The first is to establish the feasibility of the Fields for hydrogen storage and or green gas production, establish a joint venture partnership with renewable energy producers proximal to the Fields and determine the availability of feasibility project funding. The second phase will be to establish a detailed business and finance plan for a future project. ADX can benefit from the expertise and extensive network of Horváth to secure a project which transforms selected depleted gas reservoirs in its Fields into large subsurface hydrogen and green gas storage reservoirs. If successful it is likely to be a profitable business model that can be redeployed on other fields in ADX's portfolio. Announcement • Jan 20
ADX Energy Ltd, Annual General Meeting, Feb 19, 2021 ADX Energy Ltd, Annual General Meeting, Feb 19, 2021, at 10:00 W. Australia Standard Time. Location: Level 2, Suite 14, 210 Bagot Road Subiaco Western Australia Australia Agenda: To consider the issue of loan note options; to consider the ratification of issue of placement shares; to consider the ratification of issue of placement options; to consider the ratification of issue of lead manager options; to consider the ratification of issue of investor marketing shares; to consider the ratification of issue of investor marketing options; to consider the issue of SPP options; and to consider any other events. Announcement • Jan 11
ADX Energy Ltd Signs Upper Austria E&P and Storage Concession Agreement ADX Energy Ltd. announced that it has executed concession agreements with the Federal Ministry responsible for Mining on behalf of the Republic of Austria has ratified the exploration, production and gas storage concession agreements negotiated earlier in the year with the responsible BMLRT for Upper Austria following a comprehensive but highly efficient and speedy approval process. The execution of the concession agreements for the Upper Austria AGS is a significant milestone for ADX which is now the sole exploration operator in the Austrian part of the prolific Molasse oil and gas basin. The new drill ready and potentially substantial growth portfolio in Upper Austria complements the stable, long term, cash flow from ADX Lower Austrian oil and gas fields which are located in the middle of OMV's (the National Oil Company of Austria) principal area of operations. ADX is now well positioned for significant short to mid-term growth in Austria, a country where over a 1 billion barrels of oil and 2.7 TCF of gas has been produced, with a stable legal and economic framework as well as attractive fiscal terms. The unique "ADX master of the basin" position in Upper Austria has been enabled by exclusive access to high quality 3D seismic, well data and a highly experienced local exploration and production operations team who has had an outstanding track record for cost efficient rapid project execution and a recent (approx. 10 years) historical exploration success rate of 48% based on modern 3D seismic. The total term for the Upper Austria AGS is 16 years without any relinquishment and the first 4 year firm period commencing 1st January 2021. ADX has entered a 2 well drilling commitment, however the minimum financial obligation to keep the licenses in good standing is EUR 2.2 million for the first period. Austria does not have a typical open door licensing round system for obtaining oil and gas rights, however the concession agreement negotiations with the respective Mining Authorities and the subsequent speedy government ratification process which required finance ministry approvals has highlighted the efficiency and the government support for oil and gas activities and investment. It is important to emphasise that the acceptance of ADX as an oil and gas operator and producer in Lower Austria was a key milestone and pre-condition for achieving the historic award of oil and gas concessions in Austria, where only OMV and RAG have been the only companies to undertake exploration operations for almost a century. Due to the above-mentioned licensing system, there is a high barrier for entry into Austria as a new oil and gas operator however once a license has been secured the system is highly flexible and favourable for the licensee. A significant advantage of the system is the ability to make exploration and production area extensions, part relinquishments and secure drilling location approvals in relatively short time frames of a few months. Announcement • Dec 20
ADX Energy Ltd has completed a Follow-on Equity Offering in the amount of AUD 1.3275 million. ADX Energy Ltd has completed a Follow-on Equity Offering in the amount of AUD 1.3275 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 221,250,004
Price\Range: AUD 0.006
Discount Per Security: AUD 0.00036
Transaction Features: Subsequent Direct Listing Announcement • Dec 16
ADX Energy Ltd announced that it expects to receive AUD 1.3275 million in funding ADX Energy Ltd (ASX:ADX) announced a private placement of 221,250,006 shares at a price of AUD 0.006 per share for gross proceeds of AUD 1,327,500 on December 15, 2020. The transaction will include participation from professional and sophisticated institutional investors. The company will also issue on free attaching option for every two shares. The exercise price of options is AUD 0.008 expiring on June 15, 2021. The transaction is expected to close on or about December 18, 2020. 
