ADX ENERGY LTD — Capital/Financing Update 2014

Oct 7, 2014

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ADX Energy Activity Update

October 2014

www.adx‐energy.com

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Corporate Summary

• ASX listed international energy explorer (ASX:ADX)

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• Balanced asset portfolio (High impact appraisal and exploration)

• Experienced management team

• Head office in Perth and offices in Vienna, Austria and Tunisia

• Recent company restructure has materially reduced costs

• 19.4% interest in Riedel Resources. (ASX listed Gold and Base metal explorer, ASX:RIE)

Capital Structure

Shares on Issue 545 million No of Shareholders 2,749 Options exerciseable @ 4 cents by 15 Feb 2016 20.5 Market Capitalisation @ 1 cent 5.45 Top 20 shareholder Interest 58%

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Strategy

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Corporate Strategy

• Commercialisation of existing discoveries

• Early entry to high impact exploration opportunities in proven oil and gas basins

• Focus on areas where management has experience and track record

Operating Strategy

• Maintain operatorship through the exploration ‐ appraisal phase of the asset cycle

Funding Strategy

• Acquire material permit interests of 50+% which provides monetisation leverage

• Fund drilling via farm‐outs but retain significant interests which provides material upside to drilling success

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Near Term Activity Summary

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“Potential for a Re‐rating”

 Sicily Channel (Offshore Tunisia and Italy)

 Dougga (Kerkouane permit) farm‐out transaction Q4 2014

 Farm out D 364 CR‐AX Italian exploration permit Q3 2015

 Dougga gas condensate appraisal well Q4 2015

 Dougga West Oil exploration well

2015/2016

 Romania

 Parta permit farm‐out Q4 2014

 Drill 2 onshore wells Q2 2015

 New Ventures gazettal’s Ongoing

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Asset Summary

“A Prospective High Impact Portfolio”

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Sicily Channel Offshore Tunisia (Kerkouane Permit)

• Appraisal Projects (100% interest)

Three existing gas condensate discoveries – Dougga with independently assessed gas condensate resources, the Lambouka gas discovery and Kerkouane gas discovery .

• Exploration Prospects (100% interest)

• A large prospective resource defined on 3D seismic and significant leads defined on 2D seismic.

Offshore Italy (100% interest, Contiguous to Kerkouane)

• A large new exploration permit with proven hydrocarbons (containing the produced Nilde oil field).

Onshore Romania ( 50% interest)

• Prospective acreage position in Romania in under explored but proven oil and gas province with three drill ready prospects defined on new seismic.

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Company Highlights

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• Secured funding via farm‐outs and operated the drilling of the Lambouka

• discovery well ‐ the first deep water well offshore Tunisia. 2010

• Awarded the Parta exploration permit in Pannonian basin in Romania and farmed

• out 50% of the block for US$ 3.5 million to fund prospect generation. 2011

• Divested a 30% interest in the Chorbane onshore exploration permit in Tunisia for

• US$ 1.5 million (deal yet to be finalised). 2013

• Secured a 100% interest and a 2 year program extension in the Kerkouane

• offshore permit in Tunisia which includes the Dougga gas discovery. 2014

• Recently awarded at 100% the 364 C.R‐AX license offshore in Italy containing an

• existing oil field and is on trend with ADX’ Kerkouane acreage. 2014

 Poised for additional transformational transactions in the near term

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Sicily Channel Offshore Tunisia Kerkouane permit (100% equity)

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Large Resource Potential (note 1)
“Oil and Liquids Rich Gas”
Contingent resources: 173 mmboe
Prospective resources: 1,027 mmboe
Kerkouane‐1
Elissa Lambouka
Dougga – West
(226 mmbbls )
Prospective
Resource
Dougga Discovery
(173 mmboe)
Contingent Resource
Note 1. Prospective and contingent resources were calculated using the probabilistic method and are best
estimates. Conversion factor: 1BOE = 5.62 scf. Reporting date: prospective resources 6 Sept 2013,
contingent resources 26 Sept 2012.
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Portfolio Snapshots “Combination of Appraisal and Exploration”

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Dougga
Dougga‐West
Kerkouane‐Deep
Dougga
Lambouka
Elissa
Zaghouan
8
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Sicily Channel Offshore Tunisia Dougga Gas Condensate Appraisal (100% equity)

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Contingent Resources Estimates	1C	2C	3C
Total Oil Equivalent[mmboe]	88	173	268
Liquids: Condensate & LPG[mmbls]	47	91	142
Sales Gas[bcf]	264	517	804

Sources: Competent persons reports (CPR) by TRACS and ISIS, Development Plan by Genesis Dougga Gas Condensate Appraisal – Contingent unrisked resources The Tracs CPR from July 2012 estimates a 70% chance of success for a commercial development.

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Abiod Map
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Undrilled Up dip
Potential
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Dougga‐West Dougga Birsa Map 600 meter gas column intersected in Dougga #1 well mapped and supported by RFT pressure data. 300 Meters of Up dip potential based on 3D seismic.

Dougga West Oil Prospect located within 9kms of Dougga

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Sicily Channel Offshore Tunisia
Dougga Gas Condensate Appraisal
A A’
Dougga‐1
proj.
Ain Grab
Canyon
Abiod
Stacked Reservoir Undrilled Upside
Abiod Carbonate Reservoir Potential up dip of Dougga 1
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Sicily Channel Offshore Tunisia Dougga Gas Liquids Concept

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Sales Gas CO2
50 MMscfpd 32 MMscfpd
Fuel Gas
4 MMscfpd
Raw Gas
106 MMscfpd
Condensate
114 kmol/hr
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Dougga forecast: 22,000 boe/day

• 50 mmscf/d sales gas (base case)

• 9,400 bopd condensate production

• 3,200 bopd LPG production

• total project NPV (10) 1.6 Billion USD

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Sicily Channel Offshore Tunisia Dougga West Oil Prospect (100% equity)

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Case Low Best High
A A’
Prospective Resources [mmboe] 32 226 557
Prospective resources were calculated using the probabilistic method . Conversion factor: 1B0E=5.620
scf Resource estimates apply to Upper Birsa reservoir only. Reporting date 06 09 2013
~30 km² 4 way dip closure
A
A’
BACKTHRUST LEAD DOUGGA‐WEST DOUGGA Birsa Map 12
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Sicily Channel Offshore Tunisia Dougga West Oil Prospect Economics

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Note: for Upper Birsa reservoir only, no deeper upside included
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Economic Summary

• NPV 10% dcf, US$ 90 per bbl case  Contractor NPV $1406 mill

• Total CAPEX US $367 mill

• Resources 226 mmbbl

• Production 2017‐ 2037

• PSC 40% cost oil

• Oil price: 90 US$/bbl 2014

• Inflation 2.5% p.a.

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Note: all NPV figures assume a discount rate of 10% (i.e. NPV = NPV(10)).
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Top Birsa Depth ISIS – CPR 2013 13

Dougga West Oil Prospect On Proven Oil Trend (with Belli and Nilde oil fields)

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Nilde oil field
Dougga West
Source: Marathon
Belli oil field
Belli‐1A Testing 5800 BOPD at
1600m (Bou Dabbous
fractured marl! High porosity
Birsa sst. absent)
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Sicily Channel Offshore Italy Recent Acreage Gazettal (ADX 100%)

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The 364 C.R‐AX license offshore Italy contains an existing oil field and is on trend with ADX’ Kerkouane acreage

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Geological cross section through the license showing the Nilde oil field .

Sicily Channel Offshore Italy Recent Acreage Gazettal (ADX 100%)

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Nilde oil field
Dougga West
Belli oil field
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Remarkable regional continuity of structural belts across major recent wrench graben systems, DW has a very high chance of Birsa sandstone reservoir being present SOURCE: UNMIG, P. Casero Geological Cross Section from Italy

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Sicily Channel Offshore Tunisia & Italy Forward Plan

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 Dougga (Kerkouane) farm‐out transaction Q4 2014

 Farm out D 364 CR‐AX (new Italian permit) Q3 2015

 Dougga gas condensate appraisal well Q4 2015

• Dougga West oil exploration well

2015/2016

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Onshore Romania Parta Block – 50% ADX operated

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 Fiscally attractive Concession Agreement
 Prolific permit in a proven and producing
hydrocarbon province in Romania.
 1,221 km² acreage with 40 identified oil &
gas lead & proven oil and gas basin!
 Additional Seismic has generated 3 prospects
ready for drilling. More prospects expected
after further seismic
Map of Romania with ADX prospecting licenses (red) and 18
Parta concession(yellow)
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Onshore Romania Parta Block – 50% ADX Operated

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Parta Permit 2D and 3D Planned Seismic Program

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Cross Section Highlighting Potenital Oil and Gas Targets

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Onshore Romania – Parta permit seismic section showing shallow gas and deeper oil target

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Onshore Romania Parta Block – 50% ADX Operated

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Resource Estimates for top Three Drill Ready Prospects

Gross¹ Prospective Resources	Gross¹ Prospective Resources	LOW	BEST	HIGH
GAS	[bcf]	10.3	38.5	83.0
Oil	[mmbls]	2.4	8.1	16.8
TOTAL in Mmboe³		4.1	15.0	31.6

Net² to ADX Prospective Resources	Net² to ADX Prospective Resources	LOW	BEST	HIGH
GAS	[bcf]	5.2	19.6	41.5
OIL	[mmbls]	1.2	4.1	8.4
TOTAL in Mmboe³		2.1	7.6	15.8

Notes Regarding Resource Assessments

¹Gross : Prospective (recoverable) Resources attributable to 100% joint venture interest ²Net : Prospective (recoverable) Resources attributable to the ADX operated 50% joint venture interest ³MMboe : Million barrels of oil equivalent. Conversion factor: 1bcf of gas is 0.178 MMboe

⁴ The estimated quantities of petroleum that may potentially be recovered by the application of a future development project(s) relate to undiscovered accumulations. These estimates have both a risk of discovery and a risk of development. Further exploration appraisal and evaluation is required to determine the existence a significant quantity of potentially moveable hydrocarbons.

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Onshore Romania Forward Plan

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 Parta permit farm‐out

Q4 2014

 Drill 2 Parta permit onshore wells

Q2 2015

 Parta permit further Seismic and Prospect definition Q1 2015

 Further Parta permit Drilling Q4 2015

 New Ventures gazettal’s Ongoing

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Near Term Activity Summary

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“Potential for a Re‐rating”

 Sicily Channel (Offshore Tunisia and Italy)

 Dougga (Kerkouane permit) farm‐out transaction Q4 2014

 Farm out D 364 CR‐AX Italian exploration permit Q2 2015

 Dougga gas condensate appraisal well Q4 2015

 Dougga West Oil exploration well

2015/2016

 Romania

 Parta Permit farm‐out Q4 2014

 Drill 2 onshore wells Q2 2015

 New Ventures gazettal’s Ongoing

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Key Messages

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• Significant contingent resource potential at Dougga 173mmboe (Best Case) with

large mapped upside from updip potential.

 Near field oil target at Dougga West covered by high resolution 3D seismic

 Material equity interests across all assets (50% to 100%) with drill ready

prospects

 Proven operatorship capability and track record of successful farmouts

 Funding via farmouts to fund drilling activity

• Highly experienced management team

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This document has been prepared by ADX Energy Limited for the purpose of providing an activity update 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 Limited 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 Limited 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 Limited recommends that potential investors consult their professional advisor/s as an investment in the company is considered to be speculative in nature.

Persons compiling information about Hydrocarbons.

Pursuant to the requirements of the ASX Listing Rules 5.41 and 5.42, the technical and resource information contained in this presentation has been reviewed by Paul Fink, Technical Director of ADX Energy Limited. Mr. Fink 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 reviewed the results, procedures and data contained in this presentation and considers the resource estimates to be fairly represented. 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)

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Ian Tchacos Non executive Chairman Wolfgang Zimmer Managing Director

Head Office: Suite 1, 45 Ord Street West Perth, WA, 6005 T: 61 8 9226 2822 F: 61 8 9226 5333 Website www.adxenergy.com.au Email admin@adxenergy.com.au ASX Code ADX

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