ADX ENERGY LTD — Capital/Financing Update 2012

May 21, 2012

22 May 2012

ADX: Sidi Dhaher-1 Well Test Update:

ADX Energy Limited (ASX:ADX) provides the following operational update on the well test of its Sidi Dhaher-1 oil discovery, Chorbane licence, onshore Tunisia.

ADX has now also completed the mobilisation of the drilling rig to the Sidi Dhaher -1 well location. Final preparations for the testing operations are underway on site.

ADX will continue to provide updates on operational milestones as they occur.

Participant interests in the Sidi Dhaher -1 well tests will be as follows;

ADX Energy Ltd 40% Operator Gulfsands Petroleum Plc 40% XState Resources Ltd 10% (ASX code: XST) Verus Investments Limited 10% (ASX code: VIL)

For further details please contact

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

www.adxenergy.com.au

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Sedlar - 160 drilling rig positioned above Sidi Dhaher #1 wellhead.