ADX ENERGY LTD — AGM Information 2021

May 27, 2021

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ADX Energy Ltd – Investor Update Annual General Meeting 28 May 2021

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A European focussed energy producer (ASX:ADX)

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DISCLAIMER STATEMENT (1)

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Important Notice

This document has been prepared by ADX Energy Ltd for the purpose of providing information 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.

The information in this presentation is in summary form only and does not contain all the information necessary to fully evaluate any transaction or investment. It should be read in conjunction with ADX Energy Ltd’s other periodic and continuous disclosure announcements lodged with the ASX. This document does not constitute an offer, invitation or recommendation to subscribe for or purchase any securities and does not form the basis of any contract or commitment.

Persons compiling information about Hydrocarbons. Pursuant to the requirements of the ASX Listing Rule 5.31, the unaudited technical and reserves information contained in this presentation has been prepared under the supervision of Mr Paul Fink. Mr Fink is Technical Director of ADX Energy Ltd, 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 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).

ERC Equipoise Pte Ltd (ERCE) has conducted an independent audit of the Gaiselberg & Zistersdorf Oil Fields developed Reserves and have previously consented to the inclusion of information specified as ERCE audited values in this presentation. ERCE is an independent London and Singapore based consultancy specialising in geoscience evaluation, engineering and economic assessment. The CPR has been prepared in accordance with the June 2018 SPE/WPC/AAPG/ SPEE/SEG/SPWLA/EAGE Petroleum Resources Management System (PRMS) as the standard for classification and reporting. ADX is not aware of any changes of economic assumptions, field operating costs, new information or technical data that materially affects the estimates announced on Reserves Reporting Date of 5/11/2021 for the Gaiselberg & Zistersdorf Oil Fields .

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DISCLAIMER STATEMENT (2)

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PRMS Reserves Classifications used in this Report

Developed Reserves are quantities expected to be recovered from existing wells and facilities.

Developed Producing Reserves are expected to be recovered from completion intervals that are open and producing at the time of the estimate. Developed Non-Producing Reserves include shut-in and behind-pipe reserves with minor costs to access. Undeveloped Reserves are quantities expected to be recovered through future significant investments.

A. Proved Reserves (1P) are those quantities of Petroleum that, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be commercially recoverable from known reservoirs and under defined technical and commercial conditions. If deterministic methods are used, the term “reasonable certainty” is intended to express a high degree of confidence that the quantities will be recovered. If probabilistic methods are used, there should be at least a 90% probability that the quantities actually recovered will equal or exceed the estimate.

B. Probable Reserves are those additional Reserves which analysis of geoscience and engineering data indicate are less likely to be recovered than Proved Reserves but more certain to be recovered than Possible Reserves. It is equally likely that actual remaining quantities recovered will be greater than or less than the sum of the estimated Proved plus Probable Reserves (2P). In this context, when probabilistic methods are used, there should be at least a 50% probability that the actual quantities recovered will equal or exceed the 2P estimate.

C. Possible Reserves are those additional Reserves that analysis of geoscience and engineering data suggest are less likely to be recoverable than Probable Reserves. The total quantities ultimately recovered from the project have a low probability to exceed the sum of Proved plus Probable plus Possible (3P) Reserves, which is equivalent to the high-estimate scenario. When probabilistic methods are used, there should be at least a 10% probability that the actual quantities recovered will equal or exceed the 3P estimate. Possible Reserves that are located outside of the 2P area (not upside quantities to the 2P scenario) may exist only when the commercial and technical maturity criteria have been met (that incorporate the Possible development scope). Standalone Possible Reserves must reference a commercial 2P project.

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.

Prospective Resources: those estimated quantities of petroleum that may potentially be recovered by the application of a future development project(s) relatedto undiscovered accumulations. These estimates have both an associated risk of discovery and a risk of development. Further explorations appraisal and evaluation is required to determine the existence of a significant quantity of potentially moveable hydrocarbons. “ Low” means a conservative estimate of the quantity that will actually be recovered from the accumulation by the project; there is a 90% probability (P90) that the quantity actually recovered will equal or exceed the best estimate .“Best” means a best estimate of the quantity that will actually be recovered from the accumulation by the project; there is a 50% probability (P50) that the quantity actually recovered will equal or exceed the best estimate. “High” means an optimistic estimate of the quantity that will actually be recovered from the accumulation by the project; there is a 10% probability (P10) that the quantity actually recovered will equal or exceed the best estimate.

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CORPORATE OVERVIEW

A European focussed energy producer (ASX:ADX)

Directors

Financial information

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Financial information
Share price (27 May 2021)	A$0.008
Number of shares Number of Options	2,549m 508m
Market capitalisation Cash (31 March 2021)	A$20.4 m A$4.6 m
Loan Notes (unsecured) and Austrian Loans (31 Dec 2020) Minority Interest in Subsidiary (31 Dec 2020)	A$4.8 m A$ 8.8 m
Enterprise value	A$29.4 m

Company overview

Ian Tchacos (Executive Chairman)

• Located Perth; petroleum engineer; production operations, commercial, corporate and management experience. (35 years)

Paul Fink (Technical Director / CEO)

• Located Vienna; geophysicist; new ventures, exploration, production and management experience (30 Years)

Andrew Childs (Non-Executive Director)

• Located Perth; geoscientist; exploration, HR and corporate experience (35 years)

Edouard Etienvre (Non-Executive Director)

• Located London; finance executive; debt market, new ventures, commercial and management experience (15 years)

Over 115 years of relevant oil and gas experience

• Corporate Headquarters in Perth Western Australia

• Operations & technical teams in Austria

• Focus on production & rapid cashflow growth fast track appraisal & development close to infrastructure.

Company Secretaries (joint)

Peter Ironside and Amanda Sparks – extensive finance and corporate experience

ADX Vienna MD - Alan Reingruber – extensive engineering, government relations and operations experience

• Asset positions in Austria onshore, Romania onshore and Italy offshore

• Operate all assets. Only 3[rd] production operator in Austria. 2[nd] Exploration Operator

• Decarbonisation and sustainability opportunities in Austria – H 2 storage, geothermal and CO2 (CCS)

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Zistersdorf Field – Vienna Basin
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STRATEGIC FOCUS

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ADX Energy Ltd (ADX) is an ASX listed Oil & Gas Company

Focussed on becoming a leading European energy producer and the provider of energy solutions for a low carbon society

ADX is a rapidly growing European producer and explorer focusing on projects in Austria, Romania and Italy

We produce safe, low greenhouse gas emission energy now to the highest environmental standards while redeploying our assets, people and skills for transition to low carbon energy production and carbon abatement

We are also working on intelligent solutions to become a leading European energy producer and provider of solutions for a low carbon society to enhance value for shareholders and the communities in which we operate

We are well positioned to expand our oil and gas business and build a green energy business for exceptional growth

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ASSET SUMMARY

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Production, development, appraisal and exploration assets

Gaiselberg & Zistersdorf Oil Fields

(Operated, 100% equity) Vienna Basin, Austria

• Stable, long lived cash flow and excellent facilities position with reserves and resource upside

• Efficient operations and low unit operating cost

• Hydrogen (H2) & CO2 storage potential

Upper Austria Appraisal & Exploration Licenses (Operated, 100% equity) Mollasse Basin, Austria

• Licenses determined based on a large 3D data base acquired from RAG

• Drill ready, low risk oil and gas appraisal & exploration portfolio

• Access secured to proximal processing and export infrastructure

• Proven geothermal potential coincident with hydrocarbons

• Potential production acquisitions

Iecea Mare Production License & Parta Exploration license (Operated, 49.2% equity ) Pannonian Basin, Romania

• Excellent prospectivity, good access to infrastructure and high gas demand

Nilde Oil Field Redevelopment Project [note 1] (Operated,100% equity) Sicily Channel, Italy

• 34.1 MMBBL (2C) Resource (CPR) prematurely abandoned in 1980’s

• Long NPV, High impact opportunity

• Proven highly productive reservoirs, high quality crude, shallow water and drill depths

• Moratorium being Lifted

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Note 1: Contingent Resources Reporting Date for Nilde 29/3/2018 6
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AUSTRIA IS A RARE BREAK THROUGH OPPORTUNITY

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ADX Vienna Basin
Production
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ASSET POSITION

• 100% equity in oil production asset in Vienna Basin

• H 2 and CO2 storage potential

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ADX Upper Austria
Exploration
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• 100% equity in appraisal, exploration, gas storage and geothermal acreage in Upper Austria

• Assets managed and operated by ADX local team

• Production and exploration growth opportunities

COUNTRY FUNDAMENTALS

• Excellent infrastructure for oil and gas processing and export – central European gas hub and 230,000 BPD refinery

• High value received for oil and gas

UNIQUE COMPETITIVE POSITION

• Break into a 75-year duopoly

• World-class oil province ~1 billion barrels oil and 2.7 Tcf gas

• ADX is one of 3 production and one of 2 exploration operators in country – a very privileged position providing exceptional gowth oportunities

• Stable, predictable legal and licensing system

• Favorable fiscal terms

• Government support for hydrocarbons and transition projects to renewable technologies

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SUMMARY OF RECENT HIGHLIGHTS

Progress has been made on multiple fronts

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Vienna Basin Oil Fields

• Pump replacements and workover program

• Increased production by 60% (April 21 compared to January 21)

• Oil price up 18% over same period

• Increased revenues

• Further infill and appraisal drilling opportunities

• Potential for further reserves and production increases

Vienna Basin Green Hydrogen Storage

• Engaging with upstream and downstream partners

Upper Austria Appraisal & Exploration

• New exploration license awarded

• Agreements to access RAG infrastructure

• Commenced farmout program

• Two standout prospects are drill read

• Progressing geothermal pilot project

• Ongoing production purchase discussions

New licenses in the Molasse Basin Upper Austria

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Low emission, long life production in
the Vienna Basin Oil Fields
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ZISTERSDORF FIELDS (Vienna Basin) - Asset Summary

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MAP OF AUSTRIAN OIL & GAS Well work over operations
INFRASTRUCTURE
Zistersdorf &
Gaiselberg
Upper Austria
Exploration
Photograph showing ADX Gaiselberg and Zistersdorf
Field infrastructure proximal to large wind farms capable
of generating hydrogen for below ground storage
Current Austrian
production of circa 25,000
bopd
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• 100% equity purchased from RAG Austria AG (RAG) in December 2019

• Acquisition price @ EUR 2.2 per boe of 2P reserve and circa 1x EBITDA

• Low emission production from state of the art facilities & 13.7 hectares agricultural land

• High value sweet crude oil (33° API – 7.9% discount to Brent)

• 280 boepd stable production, with low decline … Currently approx. 340 boepd

• Large appraisal potential in Flysch proven oil and gas reservoirs

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Multilayer 0.9 mmbbl
reservoir 2P developed
producing reserves
since 1935 “Note 1”
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Large 34 wells, 20
appraisal producers,
from Flysch 14 injectors
reservoirs
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4,000 Pipeline to boepd Schwechat production refinery capacity Vienna

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BUSINESS EXPANSION OPORTUNITIES

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Utilising our existing assets and skills to transform our business into zero carbon energy production and emission reduction technology business

• » Redeploying subsurface reservoirs for safe, cost effective energy storage or green energy production

• » Utilising our operational geological, engineering and commercial skills

• » Creating innovative partnerships to develop zero carbon ecosystems

• » Leverage existing relationships with regulating authorities

• » Source ESG investment

The compatibility between oil and gas operations, green energy production and emerging decarbonisation technologies enables us to make a strategic shift without diminishing our existing business

Geothermal Energy Upper Austria

Carbon Emission Reduction Projects

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Green Hydrogen Storage Vienna Basin

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Oil and Gas Exploration & Production

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VIENNA BASIN GREEN HYDROGEN PROJECT

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A potential lighthouse project in the European energy market with compelling attributes

1

Developing partnerships for the production and storage of hydrogen (H2) using depleted ADX gas reservoirs in the Vienna basin

2

Offering substantial storage capacity for renewable energy, essential for the decarbonisation of our society

3

Working with proven technologies that ensure environmentally safe operations, which is a key success factor

4

Through its unique asset position in Austria , which ADX operates with a favourable production concession in the Vienna basin including land ownership

5

Legislative changes and potential subsidies from the EU green deal for hydrogen projects make it the ideal time to start

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A UNIQUE POSITION FOR GREEN H2 PRODUCTION

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Overview on the Vienna Basin Green Hydrogen Project

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Great Fundamentals

• » Utilise oversupply of renewable energy in summer to generate green H2

• » Store H 2 in depleted ADX Energy reservoirs in the Vienna basin

• » Sell H 2 in winter at premium pricing when there is insufficient energy supply

Perfect Success Factors

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• » Multiple sources of wind power generation proximal to ADX Vienna basin fields

• » Ability to economically store H2 in significant industrial scale quantities in ADX reservoirs

• » H 2 can be directly delivered into existing methane pipeline system

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Austrian & EU Policy Support

• » Austrian policy to increase current renewable energy output by factor 6 by 2030

• » Increasing funding available on favourable terms for renewable projects

• » EU subsidies for hydrogen projects

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VISION FOR GREEN H 2 PRODUCTION & STORAGE

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Opportunity to build a substantial, profitable & green H2 ecosystem for the energy sector at our Gaiselberg and Zistersdorf Fields

2030 Full ecosystem developed

• 2025-26

• Small ecosystem

• 2023-24

• Pilot project in operation

• Today, 2021 Initiation » Integration of new

• » Safe Hydrogen storage partners, forward in pilot reservoir in integration of ecosystem

• » Initiation of pilot project Vienna basin operations » Additional capacity for

• » Strategic partnerships » Energy from renewable electrolysis and storage

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100 MW

• » Comprehensive scaling of ecosystem, also in Upper Austria

• » Connection to future Hydrogen backbone in Austria

• » Strategic partnerships with energy producers and gas grids

• » Energy from renewable sources

• » Securing funding and subsidies

Green H 2 production, starting with 1 MW electrolyser and storage pilot project and build up to an industrial scale system in excess of 30MW

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LARGE SCALE PROFITABLE ENERGY STORAGE

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Illustrative Comparisons

AREA

ENERGY

COST

The subsurface hydrogen storage reservoir (“sponge”) is approx. 20 hectares in area and 10 metres thick, i.e. the size of 30 soccer fields or a bit larger than the London Serpentine Lake, Hyde Park. On the surface only a few well pad areas as in the picture below are required. That means that only a few hundred square meters are needed.

ADX can store in one large hydrogen underground reservoir approx. 500 – times the energy equivalent of the largest Tesla energy storage MegaPack (approx. 200 MWh).

Alternatively, our underground hydrogen storage solution could supply 20,000 households with electric energy equivalent for an entire year.

It costs Tesla approx. € 150 Million to build their “giant” 200 MWh battery storage. ADX can build the subsurface energy storage facility for a tenth of the Tesla battery cost and 2.500 times cheaper on an energy equivalent basis.

As the price of electrolysis comes down, this will be a much more cost efficient way to store energy, with a lot less valuable land required for the facility.

There is consensus that large scale energy storage will be needed for the green energy transition to succeed

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London, Hyde Park Serpentine Lake area = Tesla Battery Storage, Australia,
area of H2 underground reservoirs (sponge) needs 10,000 m² of land ADX well site area, needs 100 m² of land
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MOLASSE BASIN (Upper Austria) – Exploration Summary

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Predictable licensing system and operational access
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Source: RED
Extensive 3D Seismic Data Base
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Excellent oil and gas infrastructure Access

“Drill ready prospect portfolio with infrastructure access, ministry and community support”

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UPPER AUSTRIA – OPPORTUNITY OVERVIEW

Agreements for 2 exploration, production and gas storage

Map of ADX licenses and infrastructure

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New oil discoveries can be
directly tied into existing
facilities and piped to ZV
(Voitsdorf CPF)
ZR R
New oil discoveries can
be trucked to near by KTG
oilfield facilities and ZV
then piped to ZR BH SIER
(Ried CPF)
V
PK
HIER
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concessions (AGS) in Upper Austria signed on 08 January 2021, 4 x 4 years period, highly efficient licensing system

3,650 km² of modern 3D seismic data coverage in the prolific Molasse foreland basin (220 mmboe produced in Upper Austria alone)

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Shallow (<1,000 m) to moderate (<3,000 m) drill depths and excellent reservoir productivity (~1,000 bopd)

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Targets with balanced oil and gas mix and very large upside

Portfolio close to infrastructure with access on agreed terms allowing rapid and cost effective monetisation

Proven geothermal sweet spot area and hydrogen storage possibilities

< 0.3 mmboe

81

2

48%

58 mmboe¹

Stand out Prospects ready to drill with large upside

of recoverable resources generate positive economics (low break-even)

leads, prospects and appraisal targets

best technical resources for 10 matured explo. prospects

historical exploration success ratio

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¹note : Original Resources Reporting Date: Upper Austria Exploration 30/11/2020, Resources revised from 42 mmboe on 16
30/11/2020 to 58 mmboe on 30/3/21
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UPPER AUSTRIA – HISTORICAL SUCCESS RATE

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Recent exploration success rate utilising 3D seismic is 48%

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Large oil fields discovered No Oil Drilling on 3D.… to be continued by ADX + Partner on 2D seismic & gravity Exploration

Source: RAG (REP)

 Despite a strong focus on gas and the recent (ca. 2017) RAG shareholder decision to phase out exploration and appraisal drilling, an excellent success rate of 48% was achieved for oil discoveries  10 discoveries with 21 wells drilled

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UPPER AUSTRIA - DRILL READY & 3D SEISMIC MATURED

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Gas
Oil
5.8 mmboe average
prospect size
Top 10 Matured Ready to Drill Prospects
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• Note: appraisal portfolio not shown here

58 mmboe Best [Note] Excellent reservoir Balanced oil & Average prospect Technical Resources productivity (~1000 bopd); gas mix with risk in line with for 10 matured shallow (< 1000m) to moderate very large gas historical success Exploration prospects (< 3000m) drill depths upside rate of 48%

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Note : Original Resources Reporting Date: Upper Austria Exploration 30/11/2020, Resources revised from 42 mmboe on 18
30/11/2020 to 58 mmboe on 30/3/21
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UPPER AUSTRIA – Drill Ready Portfolio

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Two stand out prospects with follow up opportunities mapped on 3D seismic

		PROSPECT NAME	fluid	Map Name	Best Technical Recoverable [mmboe]	well TD [m TVD]	Exploration Well Cost [MM Euro]
		Σ HIGH IMPACT EXPLORATION
		OHO	gas (oil)	OHO	20,4	4365	6,6
		ZELL AM MOOS	gas (oil)	ZAM	14,6	5400	7,3
		Σ TREND EXPLORATION
		LICHTENBERG	gas	LIC	2,7	3 010	3,6
		IRRSDORF	gas	IRR	3,0	2950	2,9
		TERNBERG	oil	TER	3,2	2890	5,0
		WOLFSGRUB	oil	WOL	2,2	3150	5,1
		PERGERN	oil	PER	2,5	1 790	2,2
		ANSHOF	oil	ANS	6,6	2 250	1,8
		ARD(LPgas only)	gas	ARD-BR	2,2	2 700	2,1
		SIERNING IMB	gas	SIE	1,0	1 100	1,4
		Σ APPRAISAL/ SIDE TRACK
		STEYR3 (APPR)	gas	STE	0,5	1 270	1,5
		BAD HALL - LIND(appr.)	oil	LIN	0,8	2 150	1,8
		BAD HALL -STEIN(appr.)	oil	SGB	0,8	2 200	1,8
		BRUNN(sidetrack)	gas	ARD-BR	0,8	2 100	1,2
		KLE 1A(Sidetrack)	oil	KLE	0,6	2 260	1,3
		TOTAL EXPLORATION [mmboe]			58
		TOTAL [mmboe]			62

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Note : Original Resources Reporting Date: Upper Austria Exploration 30/11/2020, Resources revised from
19
42 mmboe on 30/11/2020 to 58 mmboe on 30/3/21
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UPPER AUSTRIA – Drill Ready Prospects

Two stand out prospects with follow up opportunities mapped on 3D seismic

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ADX AT-I prospects and leads, fields and pipelines including OHO
OHO
OHO
20.4 MMBOE
ADX AT-II prospects and leads, fields and pipelines including Anshof
ANSHOF
ANSHOF
6.6 MMBOE
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OHO
20.4 MMBOE
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ADX AT-II prospects and leads, fields and pipelines including Anshof

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Note : Original Resources Reporting Date: Upper Austria Exploration 30/11/2020, Resources revised from 42 mmboe 20
on 30/11/2020 to 58 mmboe on 30/3/21
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NEXT STEPS FOR AUSTRIAN EXPANSION

1 ) Gaiselberg & Zistersdorf Asset Enhancement

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Gaiselberg & Zistersdorf Production
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• Enhance production through work over program

• Pursue behind pipe potential with increasing oil price

• New infill reserves and appraisal opportunities using new reprocessed 3D data set

• Ongoing Hydrogen storage pre feasibility studies

Leverage asset position – life extension & value development

2) Upper Austria Appraisal & Exploration Program

• Drill ready appraisal & exploration prospect inventory

• Finalise drilling candidates, initiate immediate licensing for drilling and expand exploration footprint

• Incorporate geothermal pilot program

• Ongoing farmout discussions with a view to drilling Q4 2021

• Positioned for activity - finalise farm-outs and plan drilling

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Gaiselberg and Zistersdorf infrastructure and large
wind farms behind
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3) Production asset opportunities

• Well placed in terms of knowledge and skills

• Highly complimentary opportunities available

• Operating credentials provide competitive advantage

• Achieve critical mass and acceleration of growth

4) Source new funding for growth

• Farmouts for exploration

• Acquisition finance for production assets

• New equity sources in European markets

• Access new sources of funding and investor support

“A unique combination of compatible hydrocarbon and green energy production opportunities”

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Executive Chairman : Ian Tchacos ian.tchacos@adxenergy.com.au Chief Executive: Paul Fink Paul.Fink@adx-energy.com Finance Manager and Company Secretary: Amanda Sparks amanda.sparks@adxenergy.com.au

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adxenergy.com.au

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