ADX Energy Mobilises Rig for HOCH-1 Well Targeting Up to 17.3 BCF in Austria

Mobilisation Begins on HOCH-1 Shallow Gas Well

ADX Energy Ltd (ASX:ADX) has commenced mobilisation of the MND Drilling & Services rig at the HOCH-1 well site in Upper Austria, with spudding expected on 16 April 2026. This well is the first of three permitted shallow gas prospects scheduled for drilling this year under ADX's Austrian program. The company holds a 50% economic interest and operates the ADX-AT-I licence where HOCH-1 is located.

Significant Prospective Gas Resources Targeted

The HOCH-1 well aims to tap into highly productive Miocene-aged sandstones of the Hall formation, known for initial production rates reaching up to 9 million standard cubic feet per day (mmscf/d). ADX estimates a mean prospective resource of 8.0 billion cubic feet (BCF), with a high case scenario of 17.3 BCF. These prospective resources remain unrisked and contingent on further appraisal and development.

Success at HOCH-1 could translate into production of approximately 1,500 barrels of oil equivalent per day (boepd), based on historic analogues from nearby wells. The well is expected to take around 14 days to drill and evaluate, with a measured depth of approximately 1,430 metres.

Strategic Timing Amid European Gas Market Pressures

ADX Executive Chairman Ian Tchacos highlighted the strategic importance of commencing the shallow gas program now, noting that European gas prices have surged beyond EUR 49 per megawatt-hour due to tightening LNG supplies from Qatar and restrictions on Russian gas imports. This backdrop enhances the economic attractiveness of new domestic gas production in Europe.

The HOCH-1 well's proximity to open access pipeline infrastructure, just 2 kilometres from the drill site, further supports potential rapid development and cluster production alongside the nearby SCHOE prospect. ADX has matured additional shallow gas targets, including GOLD-1 (100% interest) and SCHOE-1 (50% interest), which are next in line for drilling.

Funding and Operational Readiness

This drilling campaign follows ADX’s recent capital raise of A$4.4 million intended to accelerate exploration activities in Austria, including the HOCH-1 well, as well as preparations for further shallow gas wells and seismic acquisitions in Italy. This financial boost supports the company’s operational momentum and broader strategic objectives, including a planned dual listing on Oslo Børs’ Euronext Growth market to expand its investor base.

The rig mobilisation and drilling plans reflect ADX’s disciplined approach to advancing its Austrian portfolio, with technical due diligence confirming the robustness of the prospects. The company has committed to providing regular updates on drilling progress and results as they become available.

This follows a period where ADX addressed unusual trading activity related to placement settlements earlier in March, reinforcing its compliance with ASX disclosure rules and maintaining market confidence.