ADX Energy Ltd. announced that the Anshof-3 well has reached a depth of 2201m in 8 ½ inch hole at 6.00 am Central European Time on the 3rd of January 2022 utilising the RED Drilling & Services GmbH (RED) E-200 rig on day 16 of drilling operations. The Anshof-3 exploration well is located in the ADX-AT-II license in Upper Austria. Key points: The Anshof-3 exploration well located in the ADX-AT-II license in Upper Austria spudded on 18 December 2021.

Drilling operations with the RED Drilling & Services GmbH (RED) E-200 rig are progressing according to schedule on day 16 of the program. At 6.00 am Central European Time on the 3rd of January 2022 the well had reached a drill depth of 2201m in 8 ½ inch hole. The first oil reservoir target (Eocene sandstone) is expected at approximately 2310m, followed by a secondary target within Cretaceous sandstones (Cenomanian) expected at 2490m drill depth.

Operations since the last report included drilling ahead in 8 ½ inch hole from 1223m to the current depth. Planned future operations include drilling ahead in 8 ½ inch hole to a total depth of 2540m and logging of the well. Several gas shows have been observed while drilling from 175m to the current depth.

A zone of special interest is an approximately 20 meters interval with excellent gas shows at approximately 850 meters depth which contains several potential sandstone reservoir layers based on drilling data. This zone will be further evaluated once the 8 ½ inch hole is logged after the well reaches total depth.