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ADX Energy Provides Update on Flow Test Operations at Lecea Mica-1 Well

Source: 7/21/2020, Location: Europe

ADX Energy has advised that there has been a delay to ongoing well flow testing programs at the Iecea Mica-1 (IMIC-1) well site at the Iecea Mare Production License onshore Romania due to the reinstatement of COVID-19 border restrictions in Romania.

The Hungarian wireline contractor contracted to undertake ongoing pressure measurement and sampling of reservoir fluids on the well has been delayed from returning to site due to revised COVID-19 quarantine requirements recently announced in Romania.

Positive indications of methane gas have been observed from down hole sampling which recovered methane gas and drilling fluids from the reservoir based on laboratorycompositional analysis. The recovery of drilling fluids is a further indication of well bore damage.

Ongoing pressure build up has been monitored at surface indicating a gradual influx of gas from the reservoir. The well head pressure during the past 16 days has increased from 780 psi to 1650 psi.

ADX has sourced all the necessary acidisation equipment in Romania to stimulate the well and test it. Injection of acid into the reservoir is intended to create flow paths for reservoir gas beyond the mud filter cake built up around the well bore while drilling and possible invasion damage into the reservoir. Acidisation is common practice for such reservoirs in Romania and the equipment required is readily available. Laboratory testing undertaken on behalf of ADX indicates that over 20% of the reservoir calcite and siderite cement can be dissolved by acid thereby enhancing near well bore permeability.

The wireline contractor is expected to be back on site on the 27th of July to resume pressure monitoring operations on the well. The results of down hole pressure monitoring will be required to determine future flow testing operations and programs.

Further flow testing results will be provided to shareholders over the coming weeks including the analysis of down hole pressure measurement and fluid sampling as well as the results of any future clean up stimulation or testing programs.

Background Regarding IMIC-1 Drilling Results and Testing Objectives

(Refer to ADX Release dated 9/9/2019 and note that ADX is not aware of any information or data that materially affects the original estimates).

The IMIC-1 well encountered gas across three zones with a combined total arithmetic sum for the three zones of 20 BCF 2C contingent resources estimated (refer to table below). The well was suspended for future completion as a producer following testing. Testing was deferred until down hole well production equipment was manufactured and then further delayed due to border closures caused by the Covid-19 pandemic which have prevented testing operations until now.

Testing will concentrate on the PA IV sand (Pliocene age) which is a proven reservoir and has the greatest upside reserves potential of the 3 hydrocarbon bearing reservoir intervals intersected in the IMIC-1 well (refer to table below). This reservoir unit has a large stratigraphic upside potential which will be further quantified in the near future with the planned high resolution 2D seismic program scheduled for the third quarter of 2020.

The testing program has been designed to determine the production capacity of the well through multiple flow rate measurements and pressure build up response measurements. Produced gas will be sampled to determine the suitability of the IMIC-1 gas composition for commercial sales. The expectation based on mudlog data and nearby analogues is that a dry gas will be produced which will require minimal processing prior to market delivery.

Following the completion of the production testing program, the well will be shut in awaiting commercial production at a future time.

Gas Resource Assessment

The resource potential of the three gas reservoirs intersected at IMIC-1 will be further assessed utilising high resolution 2D seismic that will be acquired across IMIC-1 and potential IMIC-2 accumulations. The appraisal seismic is expected to better define the extent of gas zones where ADX has interpreted substantial stratigraphic resource upside(refer to ASX announcement on 9 September 2019). The appraisal seismic will be acquired in conjunction with the planned 3D seismic program during the 3rd quarter of 2020 in close proximity to the IMIC-1 and the IMIC-2 wells.

Asset Ownership Structure

ADX holds a 49% shareholding in Danube Petroleum Limited (Danube). The remaining shareholding in Danube is held by Reabold Resources PLC. Danube via its Romanian subsidiary, ADX Energy Panonia srl, holds:

- a 100% interest in the Parta Exploration license in Romania (including a 100% interest in the Parta Sole Risk Area). Upon completion of a farmin by Tamaska Oil & Gas Limitedís subsidiary Parta Energy, Danube will hold a 50% interest in the Parta Exploration License; and

- a 100% interest in the Iecea Mare Production license in Romania (which hosts the IMIC-1 well and future IMIC-2 well).

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