ADX ENERGY LTD — Capital/Financing Update 2011

Jun 20, 2011

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21 Jun e 2011

ADX : Mobilization started

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ADX Energy Ltd ( ASX:ADX ) is plea s ed to ann o unce tha t at 21:45 GMT o n Monday, June 2 0[th] the m obilizatio n of cam p and rig equip m ent for th e Sidi Dha h er explor a tion well h as comm e nced.

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Road clearance , traffic c o ntrol an d road sa f ety mea s ures are provid e d by the T unisian a u thorities.

Once m obilization is completed, rig u p and eq u ipment t e sting will start i m mediatel y in order t o enable drilling operations t o start as soon a s possible. ADX exp e cts that drilling could start ea r ly July.

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The S idi Dhah e r prospe c t is loc a ted in t h e 2,428km[2] large Chorb a ne Exploration Per m it onshor e central Tunisia ne a r the port city of Sfax. It i s surrounded by se v eral prod u cing oil f i elds and extens i ve oil an d gas infrastructure. A summary of the C horbane Permit and the Sidi Dha h er prosp e ct is att a ched to t his ASX releas e .

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Particip a nt interests in the Sidi D haher ‐1 w e ll will be as f ollows;

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ADX Energy Ltd 40% Operator Gulfsands Petrole u m Plc 40% * XState R esources L td 10% * (ASX c o de: XST) Verus I n vestments Limited 10% * (ASX c o de: VIL)

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Note: T he respecti v e participant interests in the Sidi Dhah e r well and t h e Chorbane Permit a r e based on t h e completio n of all farmin obligations.

For further details please contact :

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Wolfgang Zimmer Ian Tchacos Managing Director Chairman +61 (08) 9226 2822 +61 (08) 9226 2822

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www.adxenergy.com.au

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Chorbane Permit Summary

The AD X operated Chorbane E xploration Permit is l o cated mainly onshore central T unisia. Th e permit is r elatively u n derexplore d containin g prospects and lea d s with mul t iple oil and gas potent i al. Chorba n e is favora b ly located with re g ard to infra s tructure fo r both oil an d gas export due to its proximity to a numb e r of produc i ng fields, oi l and gas pi p elines and t h e port of S f ax. Several proven p etroleum s ystems are evidenced b y fields on trend that p roduce or have te s ted oil, con d ensate and gas. The lar g est structu r e mapped and the m o st highly r a nked pros p ect is the multi‐re s ervoir Sidi D haher prospect. The st r ucture has large closur e at Eocene through to the Lower Cretaceous reservoir s that provi d e significa n t resource potenti a l.

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A Direc t Hydrocarb o n Indicato r (DHI, flat s pot) which is indicativ e of a gas‐ water c o ntact has b een identified in the M etlaoui res e rvoir that significantly enhanc e d the expectation of success. Ad d itionally a large closur e (+25km[2] ) exists a t the Abiod reservoir le v el that is analogous t o the Sidi‐El Kilani field which t o date has p roduced a p proximatel y 50 mmbls of oil fro m the same horizon 30 kilomete r s north of Sidi Dhaher prospect. The Sidi Dhaher pr o spect has e stimated prospective r e sources of 175 billion cubic feet (5 billion m ³) of reco v erable gas at the Metla o ui level and 44 million barrels ( 5.9 million t ons) of oil f o r the Abiod Formation. Additional t argets also exist in c luding the d eeper Doul e b and Bire n o reservoi r s that prod u ce oil and gas in t h e Guebiba‐ E l Hajeb field immediately east of th e permit.

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Maps showing Chorbane block outlines and infrastructure (left map) and Sidi Dhaher Prospect (see star symbol on right map) in relation to proven reservoir fairways inside which the DHI over Sidi Dhaher was mapped.

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FLAT SPOT
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Seismic lines through Sidi Dhaher prospect also showing a flat spot at the shallow reservoir target. Deeper prospective reservoirs such as the Abiod, Douleb and Bireno reservoirs will also be penetrated.