ADX ENERGY LTD — AGM Information 2011

Nov 9, 2011

ADX ENERGY Annual General Meeting 10 November 2011 Wolfgang Zimmer, Managing Director

DISCLAIMER

Directors

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Wolfgang Zimmer
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Andrew Childs
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Non executive Chairman
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Non executive Director
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Company Secretary

Geographic focus

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Corporate Strategy

• Early entry to high impact exploration opportunities in proven

• Commercialisation of existing discoveries.

Operating Strategy

• Maintain operatorship through the exploration - appraisal

Funding Strategy

• Fund drilling via farmouts, retain large interests in material

	Share Capital
	Shares on Issue			411	million	ASX listed international
	Maket Capitalisation@ 10 cents Options _ exercise price between 25 to 40 cents_**		$	41.1 31	million million	energy explorer Headquartered in Perth,
						Operational offices in
	Share Trading History					Vienna, Austria and in
		Energy		Index		Tunisia
				ADX		15 employees
						43% interest in Riedel
						Resources. (ASX listed G
						and Base metal explorer

• Headquartered in Perth, WA

Top 5 Shareholders

Top 20 Management Financial Institutions

Geographic Locations

AMERICAS EMEA ASIA 0.2% 2.47% EMEA 1.49% United Kingdom Austria Switzerland AUSTRALIA Germany & NZ UAE 95.84% Belgium Channel Isl British Isl Slovakia

ASIA

Singapore Hong Kong Malaysia Philippines Taiwan China Indonesia Japan Papua New Guinea Thailand

ADX executed a $60 million exploration program with $12 million of shareholder funds.

   gas discovery  Offshore 2D seismic  Onshore well drilled  oil discovery

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Gross JV Operated Cost
ADX Value 58 MM
ADX Contributed
32 MM
12 MM
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INVESTMENT PROFILE

Appraisal and Exploration assets in Sicily channel onshore Tunisia and onshore Romania

 Sicily Channel Appraisal Projects

Three existing gas condensate discoveries – Dougga (60%), Lambouka (60%) and Kerkouane (60%) totalling approx 254 mmboe of most likely resource “ ADX estimate”.

• Sicily Channel Exploration Prospects

410 mmboe prospective resource defined on 3D seismic.

570 mmboe prospective resource defined on 2D seismic.

• Exploration well Sidi Dhaher oil discovery funded by farmouts.

• Prospective acreage position in Romania in under explored but proven oil and gas province.

• Majority of drilling funded by farmouts having benefited from Operatorship and early mover advantage.

• Experienced Board and Management team.

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WHY INVEST IN TUNISIA?

 Political situation has stabilised following revolution and election.

• Transparent and open legal system.

• Competent and well educated public service.

• Pro development government with strong demand for energy and excellent pricing for oil and gas.

• Export oriented with strong links to Europe.

• Well developed infrastructure on doorstep of Europe.

• Domestic oil and gas pipelines, Export oil and gas pipelines, Good port and road

  • access.

• “ Tunisia is in with a good chance of having a decent democracy and a perky economy by the end of next year. “ The Economist 14 July 2011

RECENT HIGHLIGHTS

• – .

• Sidi Dhaher Oil Discovery mean prospective resource TBA

• Dougga Resource Upgrade – increased mean contingent resource estimates of 239 bcf Sales gas and 41 mmbbls liquids based on 3D seismic. ADX most likely revised estimate is 173 mmboe.

• Sicily Channel Prospect Inventory – new 3D seismic mapping generated three prospects with prospective resource potential of 410 mmboe . 2D prospective potential of 570 mmboe .

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Sidi Dhaher drilling operations
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• New Sicily Channel Acreage Award acquisition of prospective new offshore exploration permit d 364 C.R-.AX at 100% in Italian waters adjacent to ADX’s Tunisian Kerkouane permit. Strategic acreage position enhanced!

www.adxenergy.com.au

PRESENTATION CONTENTS

 Exploration & Appraisal Portfolio Overview

 Selected Appraisal Assets

 Selected Exploration Assets and “best of” Drilling Projects

EXPLORATION TO DEVELOPMENT STRATEGY

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EXPLORATION & APPRAISAL PROJECTS

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Gas condensate
Oil
Gas 3D
Dougga –West
3D
Lambouka Deep
CHS Kerkouane-1 Appraisal
3D
Lambouka
Appraisal
3D .. to be acquired
Sidi Dhaher Test
Saint M
3D
Dougga Appraisal
Mean Resources Size
Medium risk
Low risk
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OFFSHORE ITALY & TUNISIA

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Kerkouane
New ADX license
Elissa
Dougga-West Lambouka
Dougga
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Combined most likely contingent and prospective resources: 1.15 billion barrels of oil equivalent.

APPRAISAL PROJECT: ADX OP 60%

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new Italian license
Lambouka
Dougga Field
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ASSET HIGHLIGHTS

• Discovered gas resource with high liquids content and .

• approximately 30% CO2

• Independently assessed volume of audited mean contingent sales gas resources of 220 bcf and 42 mbbls of associated condensate and LPG’s (Mean: 79 mmboe ) Tracs, 2011 (post-3D).

• Proximal to onshore, strong

• market and pricing conditions.

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• Follow up potential defined on recent 3D seismic.

• Potential to incorporate Lambouka and other discoveries.

DOUGGA GAS CONDENSATE APPRAISAL cont.

COMPETENT PERSONS REPORT (Tracs UK)

Increase in Volumes	Gross Contingent Resources	Gross Contingent Resources	Gross Contingent Resources	(Project)
Constituent		Low Estimate (1C)	Best Estimate (2C)	High Estimate (3C)	Mean Estimate
Sales gas (bcf)		148	226	341	239
Condensate (mmbbl)		19.5	29.7	44.6	31
LPG (mmbbl)		6.1	9.3	14.1	9.9
Total (mmboe)		49.1	74.9	112.9	78.9
Tracs AGR - 2011 Competent	Persons Report

In relation to the above probabilities it should be noted that recent ADX reservoir engineering reviews, together with more detailed 3D work have confirmed that the most likely gas water contact (GWC) for Dougga is very likely deeper than the one used by Tracs for their P50 assessment. Therefore the ADX in-house figure for the most likely case (mean) was in the order of 110 mmboe. This is essentially the Tracs 3C case, (112.9 mmboe) which was determined with a GWC similar to the one interpreted as “most likely” by ADX.

NEW ADX 3D DEPTH CONVERSION WORK HAS UPGRADED THIS FIGURE TO 173 MMBOE.

DOUGGA GAS CONDENSATE APPRAISAL cont.

DOUGGA POST CPR DETAILED DEPTH WORK CONFIRMS ROBUST UPSIDE

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LCC = 3600mtvdss
GAS
CHIMNEY
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ADX in house most likely recoverable contingent resources: 173mmboe (neglecting any contributions from deeper Allam potential reservoirs).

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maps based on Geostreamer 3D seismic

LARGE DOUGGA “SATELLITE” ON 3D SEISMIC

DOUGGA APPRAISAL AND DOUGGA WEST NEW FIELD EXPLORATION OPPORTUNITY

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Lead Dougga – West Dougga Gas
Condensate Field
Messinian
30.6 km [2]
Top Birsa
Ain Grab
BouDabbous
Abiod
Sidi Kralif
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Dougga West prospect: Birsa Oil case recoverable prospective resource potential

Percentile P90 P50 P10 Mean [mmboe] 32 133 557 226

Maps based on Geostreamer 3D seismic

OPPORTUNITY

LAMBOUKA APPRAISAL & EXPLORATION OPPORTUNITY

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Risk Category	P90	P50	Mean	P10
Sales Gas[BCF]	145	277	309	528

contingent recoverable resources

Appraisal opportunity

Lambouka Discovery

Deeper Exploration opportunity

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Lambouka Deep
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THE DOUGGA HUB POTENTIAL

A LARGE GAS CONDENSATE RESOURCE CLOSE TO MARKETS

 Condensate-rich resource  Close to shore Dougga (40kms)  Close to onshore Dougga West Lambouka infrastructure  Close to high price local and European markets

 Proximal tie – in opportunities covered by 3D

EMERGING APPRAISAL OPPORTUNITY

SHALLOW GAS DISCOVERY WITH OIL POTENTIAL

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A (108m Water Depth) A’
Ain Grab / Nilde Limestones
TD 1352m
Ketatna limestones
Cretaceous Reservoir
A’
a
Kerkouane-1
A 5km
Kerkouane
New ADX license
Elissa
EXTENSION OF
Dougga-West Lambouka PROSEPECTIVE
Dougga
FAIRWAY INTO
ITALY ->
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• Sidetracked and then P&A in 1981 after massive gas kicks.

• Solvent cut oil shows.

• Cretaceous Abiod not reached!!

• Shell has acquired long offset 2D seismic survey in adjacent block and also in ADX Kerkouane block.

• ADX will get 104 km of new seismic data, to be processed by Shell.

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Kerkouane-1
Discovery -> New ADX
Italian license
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NEAR FIELD EXPLORATION ON 3D

COVERED BY DUAL SENSOR 3D SEISMIC, MOST LIKELY PROSPECTIVE RESOURCES

Project Name	Status	Resource Estimate [mmboe]	Likely Fluid
Lambouka-Deep	Drill Deeper - Exploration	126	gas condensate
Dougga West	Near Field Exploration	226	oil or gas condensate (resource base on Birsa oil case)
Elissa	Exploration	57	gas condensate
TOTAL COVERED BY 3D SEISMIC		409 mmboe

NEAR FIELD EXPLORATION AND APPRAISAL ON 2D

MOST LIKELY PROSPECTIVE RESOURCE – 2D SEISMIC ONLY

Project Name	**Status **	ML Resource [mmboe]	Fluid
Kerkouane	Appraisal	87	gas condensate
**Lambouka Overthrust **	Exploration	17	gas condensate
**Tazerka - North **	Exploration	24	oil
**Galliano **	Exploration	122	gas condensate
**East Galliano **	Exploration	146	gas condensate
**North Zibbibo **	Exploration	20	oil
**Cap Bon Mare **	Exploration	77	gas condensate
Carthage	Exploration	79	gas condensate
TOTAL COVERED BY 2D SEISMIC		572 mmboe

NEW OIL DISCOVERY TO BE WELL FLOW TESTED SOON

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SIDI DHAHER-1

CHORBANE EXPLORATION – ADX OPERATED

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SIDI
DHAHER
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ASSET HIGHLIGHTS

• Large undrilled onshore structures in producing oil and gas province.

• High quality seismic definition available over prospects and leads.

• Sidi Dhaher discovered oil in the Cretaceous Bireno dolomite and will be tested.

• Short distance access to onshore pipelines, strong gas market and oil equivalent pricing conditions.

• Follow up potential in a large prospective permit (2,438

km²).

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Sidi Dhaher oil
sample analysis
(Corelab):
typical crude oil
fingerprint
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SIDI DHAHER DRILLING

SUCCESSFUL DRILLING OPERATION

• Tunisia “Jasmine” revolution and uprising in neighboring Libya caused several weeks of delay.

• Completed a safe and timely drilling operation during a time of partial power vacuum.

• Developed a relationship of mutual trust with the local population.

• ADX was the only company drilling in a populated area at the time. Other operators declared force majeure.

• Sidi Dhaher TD’ ed at 2,011 meters in the 3[rd] week of September.

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SIDI DHAHER DRILLING

SIDI DHAHER OIL RESOURCE POTENTIAL

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SIDI DHAHER-1
Pressure (PSIA)
1400 1500 1600 1700
1100
Oil gradient
1150 MDT Oil sample
1200
Formation Water gradient
1250
Depth
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 Three Cretaceous reservoirs pre drill (Abiod, Douleb, Bireno)

									Three Cretaceous reservoirs pre dril
	Risk Category		P90	P50	Mean		P10		(Abiod, Douleb, Bireno)
	STOIIP[mmbbls]		13	37	51		111		Oil found in Bireno reservoir, others
	Oil in place resource	estima	tes recove	ry factor	to be determin	ed	post we	ll test	absent

Oil in place resource estimates, recovery factor to be determined post well test

CLOSE TO PRODUCING FIELDS

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1 : CHS Prospect CHS-PROSPECT
2
1
2 : Chaker Updip Prospect
2 : Chaker Updip Prospect: upgraded by SDHR-1 oil
EOCENE
CRETACEOUS
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ROMANIA PARTA BLOCK – ADX OPERATED 60%

ASSET HIGHLIGHTS

• Parta Block awarded at 10th bid round in October 2010.

• Concession agreement signed with NAMR in January 2011.

• Parta is a prolific permit in a proven and producing hydrocarbon province in Romania.

• 1,221 km² acreage with 40 identified oil & gas leads…proven oil and gas source rocks!

• Located in a European Union Country with favorable tax and royalty conditions.

• Easy access to local infrastructure and European markets.

Map of Romania with ADX prospecting licenses (red) and Part concession(yellow)

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ROMANIA PARTA BLOCK

NEW OIL PLAY ON TREND WITH PRODUCING OIL FIELD

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OIL REEF MC15
Algyoclinoforms
Szolnok shale
Endrod shale
Producing Oil field
Miocene synrift
OIL REEF MC15
SAINT M
15 sqkmclosure
SanmihaiuWell
with shows
missed closures
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FORECAST ACTIVITIES 2012-2013

 Test Sidi Dhaher oil discovery

• Acquire seismic onshore Romania

 Prepare for first well in Romania

Q4 2011 Q4 2011/ Q1 2012 Q2 2012

• Dougga and Lambouka appraisal program • Drill Dougga gas field appraisal well • Test Lambouka well

Q4 2012 Q4 2012 2013

• Follow up exploration well (i.e. Dougga - West)

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…continue to build portfolio….

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CONTACT US

Ian Tchacos Chairman Wolfgang Zimmer Managing Director Paul Fink Technical Director

Office

Website Email ASX Code

Suite 6, Level 2, 11 Ventnor Avenue West Perth, WA, 6005 T: 61 8 9226 2822 F: 61 8 9226 5333 www.adxenergy.com.au admin@adxenergy.com.au

ADX