ADX ENERGY LTD — Investor Presentation 2021

Feb 18, 2021

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ADX Energy Ltd – Investor Update Summary of Recent Company Activities Date: 19 February 2021

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A European focussed energy producer (ASX:ADX)

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DISCLAIMER STATEMENT (1)

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Important Notice

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

The information in this presentation is in summary form only and does not contain all the information necessary to fully evaluate any transaction or investment. It should be read in conjunction with ADX Energy Ltd’s other periodic and continuous disclosure announcements lodged with the ASX. This document does not constitute an offer, invitation or recommendation to subscribe for or purchase any securities and does not form the basis of any contract or commitment.

Persons compiling information about Hydrocarbons. Pursuant to the requirements of the ASX Listing Rule 5.31, the unaudited technical and reserves information contained in this release has been prepared under the supervision of Mr Paul Fink. Mr Fink is Technical Director of ADX Energy Limited, 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 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).

ERC Equipoise Pte Ltd (ERCE) has conducted an independent audit of the Gaiselberg & Zistersdorf Oil Fields developed Reserves and consented to the inclusion of information specified as ERCE audited values in this release. ERCE is an independent London and Singapore based consultancy specialising in geoscience evaluation, engineering and economic assessment. The CPR has been prepared in accordance with the June 2018 SPE/WPC/AAPG/ SPEE/SEG/SPWLA/EAGE Petroleum Resources Management System (PRMS) as the standard for classification and reporting.

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DISCLAIMER STATEMENT (2)

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PRMS Reserves Classifications used in this Report

Developed Reserves are quantities expected to be recovered from existing wells and facilities.

Developed Producing Reserves are expected to be recovered from completion intervals that are open and producing at the time of the estimate. Developed Non-Producing Reserves include shut-in and behind-pipe reserves with minor costs to access.

Undeveloped Reserves are quantities expected to be recovered through future significant investments.

A. Proved Reserves (1P) are those quantities of Petroleum that, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be commercially recoverable from known reservoirs and under defined technical and commercial conditions. If deterministic methods are used, the term “reasonable certainty” is intended to express a high degree of confidence that the quantities will be recovered. If probabilistic methods are used, there should be at least a 90% probability that the quantities actually recovered will equal or exceed the estimate.

B. Probable Reserves are those additional Reserves which analysis of geoscience and engineering data indicate are less likely to be recovered than Proved Reserves but more certain to be recovered than Possible Reserves. It is equally likely that actual remaining quantities recovered will be greater than or less than the sum of the estimated Proved plus Probable Reserves (2P). In this context, when probabilistic methods are used, there should be at least a 50% probability that the actual quantities recovered will equal or exceed the 2P estimate.

C. Possible Reserves are those additional Reserves that analysis of geoscience and engineering data suggest are less likely to be recoverable than Probable Reserves. The total quantities ultimately recovered from the project have a low probability to exceed the sum of Proved plus Probable plus Possible (3P) Reserves, which is equivalent to the high-estimate scenario. When probabilistic methods are used, there should be at least a 10% probability that the actual quantities recovered will equal or exceed the 3P estimate. Possible Reserves that are located outside of the 2P area (not upside quantities to the 2P scenario) may exist only when the commercial and technical maturity criteria have been met (that incorporate the Possible development scope). Standalone Possible Reserves must reference a commercial 2P project.

Contingent Resources : those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations but, for which the applied project(s) are not yet considered mature enough for commercial development due to one or more contingencies.

1C, 2C, 3C Estimates: in a probabilistic resource size distribution these are the P90 (90% probability), P50, and P10, respectively, for individual opportunities . Totals are by arithmetic summation as recommended under PRMS guidelines. This results in a conservative low case total and optimistic high case total.

Prospective Resources: those estimated quantities of petroleum that may potentially be recovered by the application of a future development project(s) relatedto undiscovered accumulations. These estimates have both an associated risk of discovery and a risk of development. Further explorations appraisal and evaluation is required to determine the existence of a significant quantity of potentially moveable hydrocarbons. “ Low” means a conservative estimate of the quantity that will actually be recovered from the accumulation by the project; there is a 90% probability (P90) that the quantity actually recovered will equal or exceed the best estimate .“Best” means a best estimate of the quantity that will actually be recovered from the accumulation by the project; there is a 50% probability (P50) that the quantity actually recovered will equal or exceed the best estimate. “High” means an optimistic estimate of the quantity that will actually be recovered from the accumulation by the project; there is a 10% probability (P10) that the quantity actually recovered will equal or exceed the best estimate

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CORPORATE OVERVIEW

A European focussed energy producer (ASX:ADX)

Directors

Financial information

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Financial information
Share price (18 February 2021)	A$0.010
Number of shares Number of Options (excl. SPP options)	2,465m 330m
Market capitalisation	A$24.7 m
Cash (31 Dec 2020) plus SPP Proceeds (gross) (Jan 2021) Loan Notes (unsecured) & Austrian Loans (31 Dec 2020) Minority Interest in Subsidiary (31 Dec 2020)	A$2.3 m A$3.0 m A$4.8 m A$ 8.8 m
Enterprise value	A$33.0 m

Company overview

Ian Tchacos (Executive Chairman)

• Located Perth; petroleum engineer; production operations, commercial, corporate and management experience. (35 years)

Paul Fink (Technical Director / CEO)

• Located Vienna; geophysicist; new ventures, exploration, production and management experience (30 Years)

Andrew Childs (Non-Executive Director)

• Located Perth; geoscientist; exploration, HR and corporate experience (35 years)

Edouard Etienvre (Non-Executive Director)

• Located London; finance executive; debt market, new ventures, commercial and management experience (15 years)

Over 150 years of relevant oil and gas experience

• Corporate Headquarters in Perth Western Australia

• Operations & technical teams in Austria

• Focus on production & rapid cashflow growth fast track appraisal & development close to infrastructure.

Company Secretaries (joint)

Peter Ironside and Amanda Sparks – extensive finance and corporate experience

ADX Vienna MD - Alan Reingruber – extensive engineering, government relations and operations experience

• Asset positions in Austria onshore, Romania onshore and Italian offshore.

• Operate all assets. Only 3[rd] production operator in Austria. 2[nd] Exploration Operator

• Decarbonisation and sustainability opportunities in Austria – H 2 storage, geothermal and CO2 (CCS)

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Zistersdorf Field – Vienna Basin
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ASSET SUMMARY

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Production, development, appraisal and exploration assets

Gaiselberg & Zistersdorf Oil Fields

(Operated, 100% equity) Vienna Basin, Austria

• Stable, long lived cash flow and excellent facilities position with reserves and resource upside

• Efficient operations and low unit operating cost

• Hydrogen and CO2 storage potential

Upper Austria Appraisal & Exploration Licenses (Operated, 100% equity) Mollasse Basin Basin, Austria

Iecea Mare Production License & Parta Exploration license (Operated, 49.2% equity ) Pannonian Basin, Romania

• Excellent prospectivity, good access to infrastructure and high gas demand

• Licenses determined based on 3D Data Base acquired from RAG

• Drill ready, low risk oil and gas appraisal & exploration portfolio

• Access secured to proximal processing and export infrastructure.

• Proven geothermal potential coincident with hydrocarbons

• Potential production acquisitions.

• Nilde Oil Field Redevelopment Project [note 1] (Operated,100% equity) Sicily Channel, Italy � 34.1 MMBBL (2C) Resource (CPR) prematurely abandoned in 1980’s

• Long NPV, High impact opportunity

• Proven highly productive reservoirs, high quality crude, shallow water and drill depths.

• � Operations Moratorium till Q4 2021

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AUSTRIA IS A RARE BREAK THROUGH OPPORTUNITY

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ADX Vienna Basin
Production
ADX Upper Austria
Exploration
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ASSET POSITION

• 100% equity in oil production asset in Vienna Basin

• H 2 and CO2 storage potential

• 100% equity in appraisal, exploration, gas storage and geothermal acreage in Upper Austria

• Assets managed and operated by ADX local team

• Production and exploration growth opportunities.

COUNTRY FUNDAMENTALS

• Excellent infrastructure for oil and gas processing and export – central European gas hub and 230,000 BPD refinery.

• High value received for oil and gas.

• Stable, predictable legal and licensing system

UNIQUE COMPETITIVE POSITION

• Break into 75 year two Company duopoly.

• Favorable fiscal terms

• World Class Oil Province ~1 billion barrels oil and 2.7 Tcf gas

• � ADX now only the 3rd Production & 2nd Exploration operator in country – privileged position

• Government support for hydrocarbons and transition projects to renewable technologies.

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SUMMARY of RECENT HIGHLIGHTS

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Progress has been made on multiple fronts

Vienna Basin Oil Fields

• Pump replacements and workover production enhancement program in progress

• Infill and appraisal drilling opportunity assessment ongoing

• Hydrogen storage feasibility studies commenced

Upper Austria Appraisal & Exploration

• New exploration license awarded

• Agreements to access infrastructure

• Commenced farmout program

Funding

• Recent placement and SPP was over subscribed by over 250%

• Increased shareholder interest resulting in increased share price (+70% ) and trading volumes (+1100%) since the beginning of December 2020

New licenses in the Molasse Basin Upper Austria

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Low emission, long life production in
the Vienna Basin Oil Fields
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ZISTERSDORF FIELDS (Vienna Basin) - Asset Summary

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MAP OF AUSTRIAN OIL & GAS
INFRASTRUCTURE
Zistersdorf &
Gaiselberg
Upper Austria
Exploration
Photograph showing ADX Gaiselberg and Zistersdorf
Field infrastructure proximal to large wind farms capable
of generating hydrogen for below ground storage
Current Austrian
production of circa 25,000
bopd
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• 100% Equity purchased from RAG MAP OF AUSTRIAN OIL & GAS Austria AG (RAG) in December 2019 INFRASTRUCTURE

• Acquisition price @ EUR 2.2 per boe of 2P reserve and circa 1x EBITDA

• Low emission production from state of the art facilities & 13.7 hectares agricultural land.

• High value sweet crude oil (33 API – 7.9% discount to Brent)

• 300 boepd stable production, with low decline

• Large appraisal potential in Flysch proven oil & gas reservoirs

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Multilayer 0.9 million Large 34 wells, 20 4,000 Pipeline to
reservoir Barrels 2P Appraisal producers, BOEPD Schwechat
Producing developed from Flysch 14 injectors production refinery
since 1935 reserves reservoirs capacity Vienna
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VIENNA BASIN OIL FIELDS – Recent Progress (1)

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Well work over operations
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Well work over program

• Down hole pump restoration work - failures due to unprecedented flooding event in early October causing pump failures in 5 production wells

• Perforate behind pipe reserves and install sand control measures in underperforming wells affected .

• by sand production

• Enhance production and revenue from existing wells with rising oil price

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Infill Development
Drilling projects in
Large upside in Neogene with new 3D
producing but seismic
underdeveloped
Cretaceous
“ Flysch ”
sandstones
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Undeveloped reserves and appraisal drilling

• Field geotechnical and engineering review utilising recently acquired and reprocessed 3D seismic

• Infill drilling potential identified for future drilling to enhance Gaiselberg and Zistersdorf reserves.

• Appraisal drilling potential mapped for largely undeveloped Flysch reservoir

• Identify undeveloped reserves and contingent resources potential for future drilling

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VIENNA BASIN OIL FIELDS – Recent Progress (2)

Hydrogen storage pre-feasibility studies

Trans European Network for Energy (TEN-E)

• ADX has identified a number depleted gas reservoirs ideally suited reservoirs for safe and effective below ground Hydrogen storage.

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ADX Hydrogen storage
located at the heart of
European TEN-E
infrastructure
Well work over operations
Source: hydrogeneurope.eu
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• Exponential growth in energy storage requirements by a factor of 6 alone in Austria.

• Consulting agreement with industry expert Horváth & Partners to determine feasibility and establish ADX fields as potential large scale Hydrogen storage solution. ASX release 20/1/21

• Phase 1 of the pre-feasibility studies focussed on;

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3D seismic and structure map through depleted gas
reservoir (red) for safe hydrogen storage
Large upside in
producing but
underdeveloped
Cretaceous
“ Flysch ”
sandstones
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• Seeking partnerships with nearby green power operators for H2 generation and storage

• Establish viability of depleted reservoirs for a safe, commercially viable storage solution

• Determine funding models and availability of subsidies for project development

• Using depleted reservoirs for Hydrogen storage provides a new business opportunity that can also add to life and value from existing oil operations.

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MOLASSE BASIN (Upper Austria) – Exploration Summary

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Predictable licensing system and operational access
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Source: RED
Extensive 3D Seismic Data Base
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Excellent oil and gas infrastructure Access

“Drill ready prospect portfolio with infrastructure access, ministry and community support”

UPPER AUSTRIA EXPLORATION – Recent Progress (1)

Upper Austria License Award

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• Concession agreements for exploration, production and gas storage in Upper Austria (Upper Austria AGS) signed on the 8[th] of January 2021 (ASX Release 10 January 2021)

• Result of over 18 months of technical work, commercial discussions and relationship building

• The execution of a data trade agreement with RAG Exploration & Production GmbH in July 2019 providing access to high-quality 3D seismic and well data in Upper Austria (“Data Set”) with a replacement value of EUR 90 million,

• Utilising the Data Set to high grade an area of 450 km² (“AGS area”) that includes 10 drill ready prospects

• Demonstration of financial and technical capability to Austrian regulators and negotiation of the concession agreement.

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Green Dots: 81 Leads,
Prospects & Appraisal
Projects on modern 3D
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Grey Areas: 3,650 km² 3D
Seismic in prolific
“Molasse” foreland basin
Molasse Basin Fields, Prospects and Infrastructure
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Historical exploration Balanced portfolio - 3D Seismic Proven geothermal Infrastructure success ratio of 48%, low risk appraisal to covered, drill sweet spot area and access contract several independent high impact “ company sites partly hydrogen storage with RAG being play types maker ” prospects, ready possibilities finalized

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UPPER AUSTRIA EXPLORATION – Recent Progress (2)

Drilling portfolio and farmout progress

Top 10 Drill Ready Exploration Prospects

• Acreage contains appraisal and on trend exploration opportunities proximal to the central RAG oil facilties.

• A new structural concept mapped on 3D seismic resulted in improved understanding of RAG oilfields extending into the ADX licenses. Good quality Eocene sandstone reservoirs around 1700+ meters drilling depth.

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Gas
Oil
4.2 mmboe average
prospect size
Note: appraisal portfolio not shown here
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• Three excellent appraisal prospects are extensions of producing RAG oil fields : low risk, low cost; proven high productivity (up to 1000 bopd/well)

Key Asset Attributes

Excellent reservoir productivity (1000 bopd); shallow (< 1000m) to moderate (< 3000m) drill depths

42 mmboe Best[Note ] Technical Resources for 10 matured Exploration prospects

Note1: Prospective Resources are those estimated quantities of petroleum that may potentially be recovered by the application of a future development project(s) related to undiscovered accumulations. These estimates have both an associated risk of discovery and a risk of development. Further explorations appraisal and evaluation is required to determine the existence of a significant quantity of potentially moveable hydrocarbons.

Balanced oil & gas mix with very large gas upside

Average prospect risk in line with historical success rate of 48%

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Note : Resources Reporting Date: Upper Austria Exploration 30/11/2020
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UPPER AUSTRIA EXPLORATION – Recent Progress (3)

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Access and Tariff Agreements

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ZR
R
KTG
ZV
BH
SIER
V
PK
HIER
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Map showing ADX licenses and RAG infrastructure

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Schematic showing RAG gathering, processing & transport infrastructure

Agreement with RAG E&P provides attractive commercial terms for the access of future ADX oil and gas production. Refer ASX 23/12/20

The agreement provides economic e certainty for development of hydrocarbons discovered and appraised in the licenses.

Appraisal and on trend exploration opportunities proximal to the RAG central oil facilties.

New Oil discoveries in the Eastern ADX AT – II License can be directly tied into existing facilities ( red box ) and piped to ZV (Voitsdorf Central Production facility).

New Oil discoveries in gas dominated Western ADX AT – II can be trucked to near-by oil field facilities and then piped to RZ (Ried Central Production facility, blue box)

Access to infrastructure and favourable offtake terms ensure very low economic field size threshold

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NEXT STEPS FOR AUSTRIAN EXPANSION

1 ) Gaiselberg & Zistersdorf Asset Enhancement

Gaiselberg & Zistersdorf Production ADX production and management personnel at Gaiselberg & Zistersdorf

• Enhance production through work over program

• Pursue behind pipe potential with increasing oil price

• New infill reserves and appraisal opportunities using new reprocessed 3D data set.

• Pursue Hydrogen storage pre feasibility studies

• Leverage asset position – life extension & value development

2) Upper Austria Appraisal & Exploration Program

• Drill ready appraisal & exploration prospect inventory

• Finalise drilling candidates and initiate immediate licensing for drilling

• Incorporate geothermal exploration into program

• Pursue farmout discussions with a view to drilling Q3 2021

• Positioned for activity - finalise farm-outs and plan drilling

3) Production asset opportunities

Gaiselberg and Zistersdorf infrastructure and large Gaiselberg & Zistersdorf Infrastructure

• Well placed in terms of knowledge and skills

• Highly complimentary opportunities available

• Operating credentials will be important.

Achieve critical mass and acceleration of growth

4) Source new funding for growth

• Farmouts for exploration

• Acquisition finance for production assets

• New equity sources in European markets

Access new sources of funding and investor support

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Executive Chairman : Ian Tchacos ian.tchacos@adxenergy.com.au

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Chief Executive: Paul Fink - Paul.Fink@adx energy.com

Finance Manager and Company Secretary: Amanda Sparks amanda.sparks@adxenergy.com.au

ADX VIE Offices

adx-energy.com

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