ADX Energy : Annual General Meeting Presentation

An ASX listed European Energy

Producer and Explorer

"Reliable energy doesn't need to cost the earth"

I n v eASX:s t o rADXU p d a t e | 2 2 M a y 2 0 2 4 | A n n u a l G e n e r a l M e e t i n g

A S X : A D X

adx-energy.com

Disclaimer Statement

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Important notice:

This document has been prepared by ADX Energy Ltd ("ADX") for the purpose of providing information to interested analysts, investors and shareholders. Any statement, opinions, projections, forecasts or other materials contained in this document do not constitute any commitments, representations or warranties by ADX or its directors, agents and employees.

Except as required by law, and only to the extent so required, directors, agents and employees of ADX 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 recommends that potential investors consult their professional advisor(s) as 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' 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 securities and does not form the basis of any contract or commitment.

Pursuant to the requirements of the ASX Listing Rule 5.41 the technical and Prospective Resources information relating to Austria and Italy contained in this presentation has been reviewed by Paul Fink as part of the due diligence process on behalf of ADX. Mr. Fink is Technical Director of ADX Energy Ltd is a qualified geophysicist with 30 years of technical, commercial and management experience in exploration for, appraisal and development of oil and gas resources. Mr. Fink is a member of the EAGE (European Association of Geoscientists & Engineers) and FIDIC (Federation of Consulting Engineers).

Independent audit of developed reserves have been completed for ADX' Zistersdorf and Gaiselberg fields ("Fields") in the Vienna basin and Anshof in Upper Austria (Austria) by RISC Advisory Pty Ltd ("RISC"). RISC conducted an independent audit of ADX' Fields evaluations, including production forecasts, cost estimates and project economics. Production from existing wells is classified as Developed Producing. Production from planned recompletion of existing wells to new intervals is classified as Developed Non-Producing. RISC is an independent advisory firm offering the highest level of technical and commercial advice to a broad range of clients in the energy industries worldwide. RISC has offices in London, Perth, Brisbane and South-East Asia and has completed assignments in more than 90 countries for over 500 clients and has grown to become an international energy advisor of choice.

PRMS Reserves Classifications used in this presentation:

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-ProducingReserves 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 be 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 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 that 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 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.

Prospective Resource Classifications used in this presentation:

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.

P(90) Estimate: means at least a 90% probability that the quantities actually recovered will equal or exceed the estimate.

P(50) Estimate: means At least a 50% probability that the quantities actually recovered will equal or exceed the estimate.

P(10) Estimate: means At least a 10% probability that the quantities actually recovered will equal or exceed the estimate.

Oil and Gas Conversions

BOE means barrels of oil equivalent. Bcfe means billion of cubic feet of gas equivalent. Gas to oil conversion used in this presentation: 6 mcf of gas = 1 barrel of oil. Mcf means thousand cubic feet of gas

Investor Presentation - 22 May 2024

Investment Proposition and Operating Strategy

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Increasing	Reserves and	World-class	Value Adding,
Operating	Production	Exploration	Complementary
Cashflow	Growth from	Portfolio in the	Renewable
				New Discovery	heart of Europe	Projects

Operating Capability

• Ability to generate and operate projects

Active Drilling Program

• Funded by Farmouts
• Validation & risk reduction

320 boepd net		1.64 mmbbl 2P reserves @			47 MW combined
213 mmboe3
oil & gas production1		Vienna Basin Fields only.		prospective resources	renewable energy
		Anshof Field subject to review 2			potential

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

1 April 2023 average production from the Zistersdorf & Gaiselberg fields and Anshof field. 2 ref. Reserves Reporting Date & Valuation (Independently Audited) 04.11.2021 less production to 31 December 2023, 3 Best technical prospective resources for Upper Austria only. Prospective resources reporting date update 22.06.2023

Investor Presentation - 22 May 2024

Corporate and Asset Summary

Positioned for a smarter, cleaner future for Europe

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Capital Structure

Austria Oil & Gas Assets

Vienna Basin fields - 100% (production)

Anshof oil discovery - 50% (production & development) ADX-AT-I & ADX-AT-II - 100% (exploration & appraisal) 3

Austria Clean Energy Projects

Vienna Basin Green Hydrogen project - 100% GMU geothermal project - 100%

Vienna Basin solar project - 100%

Share price as at 17.05.2024	A$ 0.091
Number of shares 2	510.2 m
Number of options 2	100.1 m
Market capitalisation	A$ 46.4 m
Cash (unrestricted) as at 17.05.2024 - estimated 2	A$ 7.5 m
Debt (net of restricted cash for debt)	A$ 1.9 m
Enterprise value	A$ 40.8 m
Number of shareholders	2,187

2 Does not include Tranche 2 of the placement announced on 2 May 2024

Political & Strategic Position

d363C.R-.AX permit (Italy)	Romania Oil & Gas Assets
Shallow waters offshore exploration permit - 100%	49.2% shareholding in Danube Petroleum which holds:
369 Bcf prospective resources1 (5 prospects)	- Parta exploration licence - 100%
Ratified by the Italian authorities in May 2024	- Iecea Mare production licence - 100%

• Stable jurisdictions with unmet energy demand
• Excellent access to infrastructure
• Strong focus on energy security since Ukraine war
• Operatorship capability & boots on the ground

Refer to Cautionary Statement in relation to Prospective Resources on Page 3 of this

presentation

Investor Presentation - 22 May 2024 1 The original resources reporting date was on 30.08.2022. 2 Note above. 3 Subject to farmouts.

2024 recent highlights and key near term activities

Focus on Welchau resource definition, increasing cash flow and reserves growth

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Recent Activities *					2024 Planned Activities (June to December 2024)
March 2024
 Drill Welchau-1 Gas and Liquids					Welchau gas liquids	Well testing program
Discovery					discovery	Execution
 Evaluate case and suspend well for					Data evaluation and test planning	Long term testing of multiple
testing					Resource definition	reservoir intervals
April 2024
 Commission Anshof Field 3,000 BOPD					Drill Anshof-2A Well
capacity permanent oil facility
				Appraisal & Development
 Recommence production at ANS-3
				Production & cash flow
April 2024
				growth
 Grant of Sicily channel exploration
					Drill Gas Exploration
licence
May 2024						Well in ADX-AT-I
 A$13.5 Million institutional						High Impact near field gas
					potential
placement
* Multiple work programs have been executed safely, on time and within budget
Investor Presentation - 22 May 2024

ADX investment focus is on Austria

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A significant oil and gas industry

1 billion bbl oil & 2.7 Tcf gas

produced to-date

75-Year oil & gas duopoly

before ADX became the third operator in country

High value energy markets

for both oil and gas

and excellent access to infrastructure

Predictable and rapid permitting

for work programs and environmental approvals

2 to 3 times faster than Australia

Seismic data quality and access

3,500 Km2 3D seismic available to ADX

High exploration success rate 1

Investor Presentation - 22 May 2024

Upper Austria Exploration

Licences

inc. Anshof oil field and Welchau discovery

¹ In Upper Austria since 2000 -11 discoveries out of 22 wells

ADX Vienna Basin Fields

Oil and gas production,

H2 production & storage, Solar Park

Vienna Basin Production Assets

Stable, high value production with long term potential

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Vienna Basin Fields (100% interest)

• Low emission, low decline production delivering long term cash flow (approx. 250 boepd)
• Ownership of 13.7 hectares of land suitable for Solar Park - 65 Km from Vienna
• High value sweet crude oil, very favourable fiscal terms (no royalties)

A long-term future for Vienna Basin Fields

• A unique position - own the land + storage reservoirs + green power + connected to pipelines + availability of fresh water
• Addition of Solar Park, Hydrogen generation and Hydrogen Storage for planned hydrogen back bone

Production operations at ADX Vienna Basin Fields

	Multilayer field	1.64 mmbbl	Pipeline to
	suitable for H2	2P developed	Vienna refinery
	storage	reserves Note 1	& gas pipeline
Investor Presentation - 22 May 2024	Note 1: Reserves Reporting Date & Valuation (Independently Audited)
		04.11.2021 less production to 31 December 2023

Upper Austria

Evaluation, appraisal and exploration program

• Welchau discovery evaluation and testing
• Anshof appraisal

drilling	Welchau-1	Giant Welchau 100km2
 Near field gas
	Jurassic anticline
exploration drilling
	Molln-1

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Welchau top Jurassic anticline, including a 2D seismic line and the geology

draped over the digital elevation model

Investor Presentation - 22 May 2024

Summary of 2024 Evaluation, Appraisal and Exploration Program

For ADX Upper Austria licences

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October 2024

Anshof-2A Oil

Appraisal Well

Production and cash flow growth

November 2024

ADX-AT-I Gas

Exploration Well

High value, near field gas potential

Q2 to Q4 2024 Welchau-1Gas Liquids Evaluation

Assessment of results and well testing

Western

Gas Prospects

Anshof

Oil Field

Welchau

Discovery

Investor Presentation - 22 May 2024

Anshof-2A Sidetrack Appraisal Well

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• The Anshof-2A sidetrack will target high quality reservoir up-dip of Anshof-2(ANS-2)
• Well cost will be minimised by using existing ANS-2 well bore and side tracking below existing 9 5/8" casing shoe

ANS-2Aup-dip

side-track

location

ANS-3 oil producer

Proven oil

intersection

Anshof Permanent Production Facility at ADX' Anshof-3 location

Cross Section

ANS-3 vs ANS-2

Wells Comparison

• Net vertical thickness of 2m in ANS-3 vs 12m

in ANS-2

• Average Porosity of 12% vs 15%

Potential for 6

times ANS-3

productivity in

ANS-2A

• 3000 bpd liquid capacity permanent production unit has been installed and commissioned
• Production recommenced on 3rd of April at approx. 134 bopd

Investor Presentation - 22 May 2024