ADX ENERGY LTD — Capital/Financing Update 2009

Mar 16, 2009

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ASX Release 17 March 2009

Correction to announcement 13 March 2009 – announcement should have read four wells not three wells

Cooper Basin Petroleum Exploration Licence 182

AuDAX Resources Ltd (ASX:ADX) has recently been granted variation to the work programme of the South Australian onshore Cooper Basin petroleum exploration licence (PEL) 182 by PIRSA.

The new work program not only reflects the cost efficient and focussed approach to exploration and appraisal activities of the license since ADX took over operatorship, but also a significant reduction in financial exposure.

The program is designed to firm up a number of oil and gas prospects which ADX has identified since it undertook a thorough reinterpretation of the existing database to drill ready status. To that end permit years 2 and 3 have been combined to allow sufficient time for the acquisition of prospect oriented 2D seismic data and reprocessing of existing data.

The Joint Venture has already drilled four exploration wells, one of which, Vanessa, was a gas condensate discovery. The well flowed gas at a combined rate of 8 mmscf/d but with high observed skin. This indicates that the potential well flow rate is significantly higher.

ADX is currently preparing detailed engineering studies for commercialising this asset and also has identified a number of nearby structures which will be further assessed with the new work program.

Another well, Emily-1 recovered oil on DST and remains an attractive opportunity for an updip appraisal well. The new work program is also designed to clarify the reserves potential of this prospective oil field.

AuDAX Resources Ltd holds a 49.9% interest and operatorship in the permit.

For further details please contact:

Gary Roper Wolfgang Zimmer Chairman Managing Director 61 (8) 9226 2822 43 (0) 676 358 1214

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