ADX Energy – Iecea Mica‐1 Well – Drilling Commencement

SUMMARY OF RELEASE

• The mobilisation, set up and commissioning of Tacrom Futura Rig 6 was completed on 5th of August 2019.
• The Iecea Mica 1 well was spudded at 10.20 AM on the 6th of August 2019 Eastern European Summer Time (EESC).
• The first target reservoir intersection is expected in approximately 13 days.
• The total time to drill and evaluate the well is approximately 27 days after spud.

ADX Energy Ltd (ASX Code: ADX), is pleased to advise the Iecea Mica 1 well was spudded at 10.20 am local Romanian time on the 6th of August 2019. The Iecea Mica 1 appraisal well is located in the Iecea Mare production license (“Production License”), on shore Western Romania. ADX expects to intersect the first target reservoir (the PA IV sand) that was previously tested in the historic well approximately 13 days after spud. The total well program to drill and evaluate the Iecea Mica 1 well is approximately 27 days after spud. ADX intends to report operational progress weekly on every Monday. The Production License is owned 100% by ADX Energy Panonia SRL, a wholly owned subsidiary of Danube Petroleum Limited (Danube). ADX holds a 63% shareholder interest in Danube and is contract Operator for the License and the surrounding Parta Exploration Permit (“Permit”) in which the Production License is located. The well is being funded through equity contributions of approximately US$3 million in Danube by 37% shareholder, Reabold Resources PLC (“Reabold’).

Asset Ownership Structure

ADX holds a 63% shareholding in Danube Petroleum Limited (Danube). The remaining shareholding in Danube is held by Reabold Resources Plc. Danube via its’ Romanian subsidiary, ADX Panonia, holds a 100% interest in the Parta Exploration license (including a 100% interest in the Parta Appraisal Sole Risk Project) and a 100% interest in the Iecea Mare Production license.

Source: adx-energy.com, August 7^th