ADX ENERGY LTD — AGM Information 2018

May 24, 2018

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2018 Annual General Meeting Friday 25 May 2018

ADX ASSETS & STRATEGY A European focused appraisal and development company

By Ian Tchacos

www.adxenergy.com

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DISCLAIMER

This document has been prepared by ADX Energy Ltd for the purpose of providing an activity update to interested analysts/investors and shareholders. Any statements, opinions, projections, forecasts or other material contained in this document do not constitute any commitments, representations or warranties by ADX Energy Ltd or its directors, agents and employees. Except as required by law, and only to the extent so required, directors, agents and employees of ADX Energy Ltd shall in no way be liable to any person or body for any loss, claim, demand, damages, costs or expenses of whatsoever nature arising in any way out of, or in connection with, the information contained in this document. This document includes certain statements, opinions, projections, forecasts and other material, which reflect various assumptions. The assumptions may or may not prove to be correct. ADX Energy Ltd recommends that potential investors consult their professional advisor/s as an investment in the company is considered to be speculative in nature.

CONTINGENT RESOURCES & DEFINITIONS

Tunisia: Refer to ASX announcements 20/12/2017 (contingent) and 26/9/2012 (prospective). Italy: Refer to ASX announcements 17/2/2016 & 29/3/2018 (contingent) and 21/4/2016 (prospective). Romania: Refer to ASX announcement 8/8/2017 (contingent and prospective). ADX confirms that it is not aware of any new information or data that affects the information included in those market announcements and that all the material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed.

Contingent Resources: those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations but, for which the applied project(s) are not yet considered mature enough for commercial development due to one or more contingencies.

1C, 2C, 3C Estimates: in a probabilistic resource size distribution these are the P90 (90% probability), P50, and P10, respectively, for individual opportunities . Totals are by arithmetic summation as recommended under PRMS guidelines. This results in a conservative low case total and optimistic high case total.

Persons compiling information about Hydrocarbons.

Pursuant to the requirements of the ASX Listing Rules 5.41 and 5.42, the technical and resource information contained in this presentation has been reviewed by Paul Fink, Technical Director of ADX Energy Limited. Mr. Fink is a qualified geophysicist with 23 years of technical, commercial and management experience in exploration for, appraisal and development of oil and gas resources. Mr. Fink has reviewed the results, procedures and data contained in this presentation and considers the resource estimates to be fairly represented. Mr. Fink has consented to the inclusion of this information in the form and context in which it appears. Mr. Fink is a member of the EAGE (European Association of Geoscientists & Engineers) and FIDIC (Federation of Consulting Engineers).

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CORPORATE OVERVIEW

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A EUROPEAN FOCUSED APPRAISAL AND DEVELOPMENT COMPANY

SUMMARY OF ASSETS

CORPORATE SUMMARY

Nilde Oil Redevelopment Project

ASX Code ADX Shares on Issue 1,119 million No of Shareholders 2,545 Market Cap @ 1.1 cents $12.3 million Cash at 31 Mar 2018 A$ 2.0 million

• Offshore Sicily

• 100% equity

• 34 MMBO 2C Resources (subject to ratification to operate)

Dougga Gas Condensate Project

• Offshore Tunisia

• 100% equity

• 165 MMBOE 2C Resources

PLANNED ASSET ACTIVITIES

Romanian Appraisal Project

Parta Appraisal Program - Romania

• Onshore Western Romania

• Interest held via UK SPV

• 2 Appraisal / Development Wells

• Expected Commencement in Q4 2018

• (91% interest Danube Petroleum Ltd)

• 35 BCF mid case Contingent & Prospective Resources

Dougga Appraisal Program - Tunisia

• Dougga Sud Drilling and Testing

• 200 MMBOE 2C Contingent Resources across asset base

• Expected Commencement Q1 2019

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APPRAISAL & DEVELOPMENT PORTFOLIO
-
offshore Mediterranean and onshore Romania
Carpinis Gas Plant Parta Gas Appraisal
Nilde Development Concept
Project
35BCF (2C) Contingent
Resource
Nilde Oil
Redevelopment
34 MMBBLS (2C)
Contingent Resource
ADX 100% interest and Operator
(Subject to Ratification) Dougga Gas
Condensate Project
165 MMBOE 2C
Contingent Resource
ADX 100% interest and Operator
Dougga Development Concept
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Note. Resource reporting dates: Nilde 29/3/2018, Dougga 20/12/2017, Parta 8/8/2017.
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STRATEGIC OBJECTIVES

Corporate Objectives

• Unlock value of the Company’s Asset Base

• Demonstrate asset value and project feasibility

• Secure funding at an asset level that enhances value recognition at a corporate level.

• Translate asset value potential to shareholder returns

• Position Company in a sympathetic market that best values the Company’s assets

• Pursue well funded asset program

• Undertake appraisal / development activities across asset base

• Parta Appraisal Program

• Dougga Sud Appraisal Well

• Nilde Appraisal Well [1 ]

• Note 1 : The delay in the ratification of the Nilde license has been a regrettable asset and corporate setback. ADX has revised its strategy to secure a farmin partner prior to ratification thereby enhancing its financial position.

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Progress to Date

1. Resource and Project Concept studies have been completed for all Appraisal Development Assets

2. Information Memorandums and Data Rooms have been prepared for all assets

3. Commenced Farmouts / Funding discussions for all assets

4. Parta Appraisal Program - Sourced Stage 1 funding for one well

5. Dougga Appraisal - In discussion with multiple funding partners

6. Nilde Appraisal – Commenced farmin discussions with various parties – based on a transaction subject to license ratification.

7. Operational Status

8. Parta program planning commenced

9. • Dougga Rig option sourced and well planning commenced

10. Independent Experts Reports

11. Romania and Dougga IER’s near completion

12. Nilde IER planned post License Ratification

13. Dual Market Listing

14. Reviewing listing options

15. Contemplate listing after funding for Dougga and Romania completed

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SUMMARY of ASSET PROGRESS

Dougga Gas Condensate Project

• Asset resources assessment and development concept matured

• Drilling option secured utilising Noble Globe Trotter 2 rig

• Well planning and long lead item preparation has commenced

• Funding discussions with multiple parties have commenced

• Q1 2019 Drilling and Testing Targeted

Parta Appraisal Project

• 3D seismic acquired and Appraisal and Development Potential assessed

• 100% equity in project secured

• Danube Special Purpose Funding Vehicle Formed

• Initial Funding Sourced (US$ 2 million) from Reabold Resources PLC

• Project team assembled, planning commenced and regulatory approvals submitted

• Q4 2018 Spud Date Targeted

Nilde Oil Re Development Project

• Asset resources assessment and development concept matured

• Firm lease, mobilisation, installation and operations proposals received from facilities and production contractors.

• Revised Funding Strategy due to Italian Authority notice regarding financial capability

• Formal Response to Italian Authorities stating ADX financial and legal compliance - supported with industry support letters

• Commenced discussions with potential farminees ahead of license ratification.

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DOUGGA Gas-Condensate Project Offshore Tunisia

“A Long Term Strategic Asset”

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DOUGGA Gas Condensate Project Summary

Material Long Life Gas Project:

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Top Abiod (reservoir) depth map, showing Dougga-Sud well location
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• Large 70km[2] , 3D-defined gas-condensate discovery

• 165MMBOE 2C Resource with long-lived revenue stream

• 84MMCFD sale gas & 12,800BPD (LPG & condensate)

• Strong demand and pricing for Sales Gas and LPG

Mature Development Concept:

• Feasibility of Subsea tie-back to shore development concept confirmed by TechnipFMC

• Base Case 150MMCFD optimal plant size

• CAPEX estimate US$1,180million; first gas 2021/2

• Initial contractor annual cash flows circa $300million

Dougga Sud Appraisal Well - Early 2019:

• Confirm gas composition, reservoir deliverability

• Globetrotter II drillship secured on excellent terms

Kerkouane PSC Resource Base	Kerkouane PSC Resource Base
2C Contingent **Resource1: **	Dougga:564 Sales Gas 83 MMBBLS (LPG & Cond) 165 MMBOE
Total Prospective **Resource2: **	1316 MMBOE (Best Estimate)

Note 1: Refer to ASX announcement 20/12/2017 Note 2: Refer to ASX announcement 26/9/2012

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DOUGGA – History and Market Relevance

Project History

Dougga Base Case Production (Ideal Product Yields)

•  Dougga Discovered by Shell in 1981

•  ADX 3D seismic acquired in 2010

•  Nearby Lambouka gas discovery 2010

•  Arab Spring interruption 2011

•  Dougga feasibility studies 2017

• Dougga Sud Appraisal Well 2018/19

Strategic Project - Ideally placed

• Strong government and state oil company support

• Proximal to gas export and domestic gas infrastructure

Dougga Potential Production compared to current total Tunisian production

• Tunisia is highly dependent on gas for power generation, industrial use and LPG household use

Sales Gas LPGs Tunisia Production (2014 EIA Data) Dougga Potential Addition

• Dougga production has the potential to increase Tunisian production by 55% for gas and by 95% for LPGs

• Tunisia currently 60% net importer of gas; 95% of electricity generated from gas; gas demand growing at 6%

• ~$7/mcf with Oil-equivalent gas pricing

• State-owned gas wholesaler STEG to purchase all available gas

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DOUGGA – Time Right for Development and Expansion

Changes to Project Viability

Resource Expansion opportunities

• Dougga “Megastructure” upside within and outside Kerkouane permit

• Low risk emerging MENA economy with accelerating 10% per annum GDP growth

Gas Hub Development potential

• Excellent access to gas infrastructure

• Tariffs from smaller stranded gas discoveries with high liquids and CO2

• Desperate need for domestic gas and LPG

• Resource well defined with 3D seismic

• Near field exploration mapped on 3D and 2D seismic

• High flow assurance and proven development concept utilising now commonplace subsea technology

• Potential to export gas via Transmed pipeline to Europe

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2C & Prospective Resources
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Current 2C Resources Definition
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Potential for Multi Tcf Resource

“Approximately 4 times the gas in place of the current Dougga 2C Resources”

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Nilde Oil Redevelopment Project Offshore Italy

“A Highly Profitable Rapid Return Asset”

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NILDE Oil Field Re-development – Low Cost & High Returns

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Original FPSO
Development
1982 - 1988
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Project History

• Oil field developed in early 1980s with primitive FPSO and well production technology

• Prematurely abandoned due to drop in oil price to US$ 14 per bbl and inability to deal with water production.

• 20mmbbl produced from the upper zone from estimated OIIP up to 300 mmbbl (recovery < 7%)

• Original development was unable to lift water in wells or process water on FPSO

Nilde Oil Field Historical Production

• Moderate water (90 m) & drill depths (1600 m)

Remaining Nilde Resource Potential

• 34 mmbbl 2C remaining oil resource recoverable over 5 years - Based on forward forecast from history matched reservoir simulation.

• Excellent economic returns; high production rates, light sweet crude, low capex per barrel and excellent fiscal terms

Nilde Area Resources

Additional Resource Potential

Nilde : 34.1 mmbbl remaining 2C Contingent Norma : 3.9 mmbbl Resource[1] : Naila : 1.7 mmbbl Permit Total : 39.7 mmbbl remaining Prospective 90 mmbbl (best estimate) Resource[1] :

• 2 tested discoveries in tie back distance with combined 5.6mmbbl 2C recoverable oil potential

• 5 Nilde style leads with 90mmbbl prospective resource

Note 1: Refer to ASX announcements 17/2/2016 & 29/03/2018 (contingent) and 21/4/2016 (prospective).

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Nilde Oil Field Re-development – Project Concept

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COPL Self Installing Mono Column
Platform and Gravity Based Storage
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High Degree of Project Definition

• Collaboration and alignment with highly reputable and capable facilities providers (Calm Oceans Pte Ltd and SPEC Energy)

• Mobilisation, installation, integration and lease proposals received for all facilities

An Optimal Surface Facilities Solution

• Simple low cost wells with dry trees

• Leased self-installing, gravity base monocolumn platform (MCP) with pre-installed processing facility

Planned Re - Development Well Locations

• Removable mooring, storage and offloading system (RPSO) with standoff FSO shuttle tanker

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Subsurface Plan - 20,000 BOPD Rate

• 1 appraisal / development well (N-2 redrill) and 2 vertical production wells

• 1 gas / water disposal well

• Zero discharge of gas or water

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Nilde Oil Field Re-development – Indicative Economics

Contractor NPV(10) vs Oil Price

Comments on Economic Results

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$1,400
1C Base Case 3C
$1,200
$1,000
$800
Value Range
$600
$400
$200
$0
20 30 40 50 60 70 80
Brent Oil Price (US$/bbl)
NPV(10) (US$ million)
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• NPV10 range at US$55/bbl oil price between US$300 – 950 Million

• All resources cases demonstrate high profitability, rapid paybacks and low oil price profitability (sub US$20/ bbl)

• High profit investment ratios are the result of low pre production costs and robust NPV’s

• Lease costs are favourable compared to an FPSO option but deliver significantly lower drilling and completion capex

Resource Classification	1C (90% chance to	2C (50% chance to	3C (10% chance to
	exceed)	exceed)	exceed)
Disc. PIR(ratio)	2.33	4.98	8.09
Payback(years)	<1	<1	<1
Post Tax IRR(%)	95.1%	110.3%	119.1%
Undisc. Net Revenue/bbl(US$)	$31.65	$33.03	$38.82
Capex/bbl (US$)	$9.29	$4.25	$2.90
Opex/bbl(US$)	$6.92	$11.10	$5.76

Key Schedule Assumptions

• Nilde appraisal well drilled first half 2019 suspended as producer.

• Tie back appraisal well, drill 2 platform development wells and 1 platform disposal well end 2021

• First production 2Q 2022

• “Exceptional Economic Potential due to highly productive reservoir, light sweet crude, low capex per barrel and excellent fiscal terms”

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3D Appraisal area
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Parta Appraisal and Development Onshore Romania

“A Rapid Pathway to Cash flow”

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Parta Appraisal, Development and Exploration

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Asset Summary

Parta Appraisal & Exploration Assets Ownership Structure

• ADX Operator of Parta Appraisal and Exploration Licence

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Reabold
ADX Energy Ltd Resources Plc
(Australia) (UK)
91%. To decrease to 9%. To increase to
71.43% after Tranche 2 28.57% after Tranche 2
Danube Petroleum
Limited
(UK)
100%
ADX Energy Panonia
Srl
(Romania)
100% 50%
Parta Parta
Appraisal Exploration
Program Licence (JV)
Appraisal Project Location
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• ADX interest held via UK SPV “Danube” which has attracted US$ 2 million of funding from Reabold Resources – Danube holds 100% of Appraisal Assets and 50% of Exploration.

Appraisal Development Program

• Two gas re - drill wells defined on recently acquired 3D seismic - both historic wells flowed gas and indicated significant exploration upside

• Excellent access to infrastructure and gas markets enables rapid commercialisation.

• Excellent economics due to string gas price & demand, low costs and excellent fiscal terms.

Exploration Potential

• 2D seismic defined on rest of permit 300 BCF gas and 45 MMbbl oil respectively - 150 km[2] 3D seismic planned for 2019

Appraisal Project Resources	Appraisal Project Resources
2C Contingent **Resource1: **	IM-35 3.2 BCF Rec Gas Carp-55 17.4 BCF Rec Gas TOTAL 20.6 BCF Rec Gas
Prospective Resource: (best estimate)	IM-35 4.8 BCF Rec Gas Carp-55 8.0 BCF Rec Gas TOTAL 12.8 BCF Rec Gas

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Note 1: Refer to ASX announcement 8/8/2017 Contingent & Prospective Resources

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Parta Appraisal Program Status

: Appraisal Program Objectives

• Re-drill and test two historic gas discoveries to:

• Test previously confirmed gas reservoirs 2. Appraise potential gas reservoirs identified but not tested

• Explore deeper targets not previously intersected.

• Determine gas composition

Appraisal targets

• Complete wells for tie back to Calacea Gas Facility (15km NE)

Current Operational Status:

• Experienced Geological and Operations team established in Romania.

• Well locations and planning concluded for a two well program

• Well planning submissions submitted to the regulator

• Expressions of interest for rigs and long lead items currently being evaluated prior to commitment

• Targeted Spud Date in Q4 2018

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Parta Appraisal Program – Economic Potential

Economic Summary of initial two well program

• US$5 million drilling and testing program could generate a Post tax NPV10 of ~ US$80 million from multi zone development.

• If only one zone is successful in each well, ~US$13 million of Post Tax NPV10 can still be realised

• Excellent Expected Economics due to:

• Low drilling & development costs

• Short development time frame

• Strong gas pricing (US$6.50+)

• Strong gas market demand

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Oil and Gas Processing
facility situated 15km from
Carp-55
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• Gas processing facilities nearby

• Open access gas regime

Carpinis Well Shallow Reservoir Target - 3D Seismic Mapping

Opportunity	Well Cost (US$million)	P50 OGIP **(BCF)1 **	Recoverable Gas (BCF)	NPV10 (A.T.) (US$million)	ROI	Comment
CARP 55 Upper Zone	$2.2	11	3.3 (Single Well)	$7.0	2.5	Single shallow zone
CARP 55 Upper & Lower Zone	$2.5	35	7.3 (Single Well) 25.4 (Total Field)	$19.2 (Single Well) $64.3 (Total Field)	4.8 5.3	Single well dual zone 5 well full development
IM 35 Upper Zone	$2.5	8	3.2 (Single Well)	$6.4 (Single Well)	2.3	Single shallow zone
IM 35 All Zones	$3.2	18	8 (Single Well)	$22.4 (Single Well)	4.9	Single well dual zone

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Note 1: Refer to ASX announcement 8/8/2017 Contingent & Prospective Resources

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NEAR TERM AND LONGER TERM ACTIVITIES

3 Month Outlook

• Independent Experts Reports for Dougga and Parta Appraisal Program

• Funding for Dougga Sud appraisal well (via Farmout or Special Purpose Vehicle)

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GlobeTrotter II Rig Option for Dougga Sud
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• Funding for second Parta appraisal well (via Danube share placement)

• Preparation for drilling Parta appraisal wells

• Conditional Farm out funding for Nilde appraisal well

12 Month Goals

• Dual Listing of ADX

• Drill and test 2 Parta appraisal wells

• Drill and test Dougga Sud appraisal well

• Ratification of Nilde License

• Commence planning for Nilde appraisal well

• Commence Parta appraisal well development tie in planning

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2018 is the time...For a Good Plan To Come Together!

Ian Tchacos – Executive Chairman - www.adx energy.com

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