• The IM-1 well will test multiple zones including a previously tested gas zone and an uncontrolled flow in the historic discovery well
• Contingent Resource (6.1 Bcf 2C) and Prospective Gas Resource (13 Bcf Best Estimate) potential for well defined by an Independent Expert
• Further larger deep exploration upside has been identified on 3D seismic that is accessible by the well (16 Bcf and/or 2 MMBBLS Best Case Prospective Resource)
• All key statutory and land owner approvals obtained with local environmental and site construction permits expected by early May.
• Operational readiness with all key services and materials secured to enable the drilling of the preferred well from the Iecea Mare Production License
• Outstanding well preparations are construction of the well pad and access road

ADX Energy Ltd has received all key statutory and landowner approvals required to spud the Iecea Mica 1 or (“IM-1”) appraisal well in late June 2019.

The IM-1 well is located in the Iecea Mare Production License (“License”) owned 100% by ADX Energy Panonia SRL, a wholly owned subsidiary of Danube Petroleum Limited (Danube). ADX holds a 67% shareholder interest in Danube and is contract Operator for the License and the surrounding Parta Exploration Permit (“Permit”) in which the License is located. IM-1 is the first of two gas appraisal wells planned for drilling on historical discoveries now defined with 3D seismic.

Asset Ownership Structure

ADX holds a 67% 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.

KeyFacts Energy: Romania country page   l   Link to ADX Energy Romania country profile