ADX Energy : Oil Capital Conference London Presentation

ADX Energy Ltd

A European Focused Producer, Developer and Explorer.

Oil Capital Conference - Pro Active Investors, London

31 October 2019

"We are transforming our business to become a leading onshore European producer and explorer focussing on rapid returns on

investment and cashflow growth"

Oil Capital Conference London 2019 - ADX Energy "SUMMARY OF STRATEGIC & VALUE POTENTIAL"

Disclaimer Statement (1)

This document has been prepared by ADX Energy Ltd for the purpose of providing information regarding the RAG production asset acquisition 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.

Persons compiling information about Hydrocarbons.

Pursuant to the requirements of the ASX Listing Rule 5.31 the technical and resources information contained in this release 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 and 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).

Pursuant to the requirements of the ASX Listing Rule 5.31 the reserves information contained in this release has been reviewed by Martin Soh as part of the due diligence process on behalf of ADX. Dr. Soh is a petroleum engineer from Reservoir Minds with over 10 years of relevant experience in hydrocarbon reserves estimation. Dr. Soh has assessed the results, procedures and data contained in this presentation as they relate to reserves to be reasonable. Dr. Soh has consented to the inclusion of this information in the form and context in which it appears. Dr. Soh is a member of the Society of Petroleum Engineers.

ADX has reviewed REP's Reserves Estimates which are based on field performance and considers them to be conservative and reasonable. All estimates are

calculated probabilistically using the relevant PRMS Reserves Classifications at an evaluation date of 1 January 2019 and were first reported to the ASX on 2 July 2019. ADX confirms that it is not aware of any new information or data materially affects the information included in that announcement and further confirms that material assumptions and technical parameters underpinning the estimates in that announcement have not materially changed. The conversion factor used to convert volumes of gas to volumes of oil equivalent was 0.178 boe/mcf. The Production and Reserves quoted in this release are still under the ownership of REP/RAG. ADX will assume those Reserves, the production and assets upon transfer of licences and closing of the transaction, estimated to be mid October to late November 2019. At that point, ADX may undertake further assessment of reserves.

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Oil Capital Conference London 2019 - ADX Energy "SUMMARY OF STRATEGIC & VALUE POTENTIAL"

Disclaimer Statement (2)

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-inand behind-pipereserves 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) 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. "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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Oil Capital Conference London 2019 - ADX Energy "SUMMARY OF STRATEGIC & VALUE POTENTIAL"

Company Overview

A European Focused Producer, Developer and Explorer

ASX Code	ADX
Shares on Issue	1,446
million
No of Shareholders	2,507
Market Cap @ 1.1 cents	$ 15.9 mill
Cash at 31 October 2019	A$1.68 mil

ADX Asset Summary

1. Austrian Onshore Production & Exploration
2. Romanian Onshore Appraisal & Exploration
3. Italian Offshore Appraisal & Development
4. Tunisian Offshore Appraisal & Development

Zistersdorf &

Gaiselberg Fields &

Upper Austria

Exploration

100% Equity

Dougga Gas

Condensate Project

122 MMBOE (2C)

Contingent Resource

100% Equity

Iecea Mare

Production License

& Parta Exploration

License

58% Equity held via interest in Danube

Nilde Oil Field

Redevelopment

34.1 MMBBL (2C)

Contingent Resource

100% Equity

Note: Contingent Resources Reporting Dates are as follows: Nilde 29/3/2018 & Dougga 16/7/2018

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Oil Capital Conference London 2019 - ADX Energy "SUMMARY OF STRATEGIC & VALUE POTENTIAL"

Strategic Shift

Revised Strategic Focus - European Onshore Austria and Romania

1.Premium commodity pricing resulting in high value achieved for both oil and gas

2.Favourable fiscal terms resulting in higher profitability

3.Access to infrastructure reducing the time frame and cost to transform barrels in the ground to cash flow.

4.Political stability, predictable licensing terms and well established legal framework

5.Access to necessary experience, skills and services

6.Access to multiple production, development, appraisal and exploration opportunities enabling sustainable growth

Investment Thesis

To establish a profitable, high growth business underpinned by existing production, reserves additions and drill ready exploration that can be rapidly commercialised.

Goal - A Predictable Value Creation Trajectory based on Sustainable Growth

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