ADX ENERGY LTD — Capital/Financing Update 2011

Sep 8, 2011

ASX Release

9 September 2011

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PharmAust eliminates its 10% interest in Lambouka

PharmAust Limited (ASX: PAA & PAAO) has executed a Sale and Purchase Agreement with ADX Energy Limited (ASX:ADX) to eliminate its 10% interest in the Lambouka Prospect Area in the Kerkouane Permit and to cancel the option of PAA to purchase an interest in that part of the Lambouka prospect that extends into Italian waters.

The key terms of the sale are as follows;

• As part of the consideration ADX will also forgive outstanding past joint venture costs owed by PAA to ADX currently totalling $400,473.

• Upon payment of US$ 50,000 by PAA to ADX, ADX will issue to PAA 1,000,00 ADX shares

• The transaction is subject to Joint Venture pre emption.

PAA believes any potential next phase of exploration, which could involve re-entering the well to drill a sidetrack wellbore would likely be at significant cost to PAA and further this sale eliminates any potential abandonment liabilities for the Lambouka well.

For further details please contact:

Mr Bryant Mclarty Executive Chairman PharmAust Limited 0411 222 927 www.pharmaust.com

PharmAust Limited ABN 35 094 006 023. 50 Derby Road Subiaco WA 6008 Tel: 08 9380 6550 Fax: 08 9381 4056