ADX Energy Confirms Seven Gas-Bearing Intervals at HOCH-1 Upper Austria

ADX Energy's HOCH-1 Well Strikes Seven Gas-Bearing Intervals — Production Testing Now in Sight

ADX Energy Ltd (ASX: ADX) has delivered a materially positive update from its Hochfeld-1 ("HOCH-1") shallow gas exploration well in Upper Austria, with wireline logging confirming seven viable gas-bearing intervals in the Base Hall channel formation. With 4 to 6 metres of combined net gas pay identified across these zones and a casing and completion programme now imminent, ADX Energy HOCH-1 gas-bearing intervals production testing in Upper Austria is advancing — a pivotal step in ADX's 2026 Austrian drilling campaign.

Seven Intervals, One Clear Direction: Production Testing

The logging programme at HOCH-1 has delivered a clear outcome. Seven distinct gas zones have been identified between 1,465 metres and 1,617 metres measured depth (MD) in the Base Hall channel formation, each interpreted as a viable and productive gas reservoir. The individual sand layers range from 0.3 to 1.5 metres in thickness, and whilst each layer is relatively thin, the key insight from this well is that offset well data and nearby producing fields in the same formation confirm that reservoirs of this type are capable of delivering high production rates.

This is a meaningful distinction. The geometry of these channel sands — narrow but prolific — is well understood in the Upper Austrian basin context, and the logging results align with what ADX's technical team anticipated for this formation type.

What Did the Logging Reveal?

The intra Hall Formation target — the primary pre-drill objective, penetrated on prognosis — was found to consist of millimetre-thick sandstone layers interbedded with mudstones. This lithology produced broad gas readings during drilling without the sharp peaks typically associated with a distinct reservoir, and the low net-to-gross ratio means this zone is unlikely to be a viable production interval at HOCH-1.

Importantly, the low net gas sand count in this target had been flagged as the primary risk factor prior to drilling, demonstrating disciplined pre-drill risk assessment by the ADX technical team. The Base Hall channel zones, however, tell a different story.

"Wireline logging has identified 4 to 6 metres of net gas pay across 7 intervals. The multiple relatively thin gas sands can deliver high production rates based on offset well data and producing fields for the Base Hall formation."
— ADX Energy HOCH-1 Well Update, 11 May 2026

Understanding Net Gas Pay: Why Thin Can Still Mean Productive

What Is "Net Gas Pay"?

Net gas pay refers to the cumulative thickness of reservoir rock within a wellbore that is interpreted to contain producible gas. It excludes non-reservoir sections such as mudstones, shales, or water-bearing zones. In simple terms, it is the effective "gas-filled reservoir" thickness the well has encountered.

Why Does It Matter Here?

At HOCH-1, the 4 to 6 metres of combined net gas pay is spread across seven individual intervals ranging from 0.3 to 1.5 metres each. At first glance, these might seem thin relative to large conventional reservoirs. However, in the context of the Base Hall channel formation — a well-characterised system in Upper Austria with existing producing fields — thin, high-quality channel sands are known to be highly productive.

The reservoir rock quality (permeability and porosity) within these channel sands, rather than raw thickness alone, drives production potential. This is why ADX's reference to offset well data is significant: the analogues already exist, they already produce, and they validate the expectation that even thin Base Hall channel sands can support commercial flow rates.

Quick Glossary

• MD (Measured Depth): The total length of the wellbore as drilled, measured along the actual path of the well.
• AVO (Amplitude Versus Offset): A seismic analysis technique used to identify potential hydrocarbon-bearing zones based on how seismic wave amplitudes change with distance.
• Net-to-Gross Ratio: The proportion of a rock interval that consists of reservoir-quality rock (e.g., clean sandstone) versus non-reservoir rock (e.g., mudstone).
• Co-mingled Testing: Producing from multiple reservoir intervals simultaneously during a well test, rather than testing each zone individually.
• Base Hall Channel Formation: A gas-bearing geological unit in the Upper Austrian Molasse Basin, characterised by channel-deposited sandstones and associated with existing producing gas fields.
• Perforating: The process of creating holes through casing and cement into the reservoir rock to allow hydrocarbons to flow into the wellbore.

From Logging to Testing: What Happens Next?

With the wireline logging programme complete and the well drilled to a total depth of 1,685 metres MD, HOCH-1 is now transitioning from the evaluation phase to the completion and testing phase. Furthermore, the forward programme involves three sequential steps:

1. Running and cementing 4½-inch casing — This sets the structural liner that will isolate and protect the identified gas intervals during testing.
2. Running a completion string — The well is configured with the equipment needed to perforate and flow-test the selected intervals.
3. Perforating and production testing — The seven identified intervals will be tested, likely in a co-mingled manner, meaning multiple zones will be opened simultaneously to measure aggregate production potential.

The decision to deepen the well to 1,685 metres (from the 1,619-metre point where logging commenced) was deliberate. ADX extended the well specifically to maximise the number of intervals that can be perforated inside the 4½-inch casing — a practical but important optimisation that could directly influence the flow rates achieved during testing.

The final testing programme design has not yet been confirmed, and ADX has committed to providing regular updates on operational progress, logging results, and testing outcomes as they become available.

The Bigger Picture: Three Wells, One Campaign

HOCH-1 is not a standalone well. It is the first of three shallow gas prospects permitted for drilling in ADX's ADX-AT-I exploration licence in Upper Austria in 2026. Two additional gas prospects have already been permitted, meaning the results from HOCH-1 — both the geological learnings and any commercial outcomes from testing — will directly inform ADX's approach to the next two wells in the campaign.

This multi-well structure is an important element of the investment thesis. A single well result, positive or negative, is data. A three-well campaign across a basin with established producing fields and well-understood geology, however, provides the opportunity to build a meaningful resource base in a single operating season.

2026 Austrian Drilling Campaign Snapshot

Why This Update Matters for ADX Investors

The HOCH-1 logging result represents a meaningful step forward in ADX's Austrian gas strategy. Several factors make this update noteworthy:

• Seven intervals confirmed as viable. The logging programme has moved the well from a "gas shows during drilling" status to a position where seven specific zones are interpreted as productive reservoirs ready for testing — a qualitative uplift in certainty.

• Analogues support commercial rates. ADX is not relying solely on HOCH-1 data. The Base Hall channel formation is a known producing system in Upper Austria, and offset well and field comparisons provide a credible basis for expecting high flow rates from intervals of this type and thickness.

• Operational execution has been methodical. The well reached the primary target on prognosis, the intra Hall Formation risk was pre-identified and confirmed, and the decision to deepen the well to capture additional Base Hall intervals demonstrates active technical management rather than passive drilling.

• Testing is imminent. The transition to casing, completion, and ADX Energy HOCH-1 gas-bearing intervals production testing in Upper Austria means the next significant milestone — actual flow rate data — is approaching. This is the data point that will determine whether HOCH-1 supports a commercial resource.

• Two more wells remain in 2026. Regardless of the specific outcome at HOCH-1, the campaign continues. The geological learnings from this well will consequently be incorporated into the planning for the next two prospects.

Understanding Gas Channel Formations: How Thin Sands Can Be Highly Productive

Channel formations represent some of the most productive reservoir types in conventional gas exploration, particularly in mature basins like Upper Austria's Molasse Basin. Understanding why these formations can be highly productive despite appearing thin helps explain the significance of the HOCH-1 results.

What Are Channel Formations?

Channel formations are created when ancient river systems cut through sedimentary layers, depositing high-quality sand in narrow but laterally extensive channels. These sand bodies often exhibit excellent reservoir properties, including high porosity (space for gas storage) and permeability (ability for gas to flow).

Why Thickness Isn't Everything

Whilst conventional thinking might favour thick reservoirs, channel sands can be highly productive due to:

• Superior rock quality: Clean, well-sorted sandstones with minimal clay content
• High permeability: Excellent flow characteristics allowing rapid gas movement
• Lateral extent: Channels can extend for kilometres, providing large drainage areas
• Natural fracturing: Channel margins often exhibit enhanced permeability through natural fracturing

The Upper Austrian Molasse Basin contains multiple producing gas fields from similar Base Hall channel formations, furthermore validating the commercial viability of these reservoir types in the region. In conclusion, ADX Energy HOCH-1 gas-bearing intervals production testing in Upper Austria has confirmed seven gas-bearing intervals ready for production testing — the first well of a three-well 2026 exploration campaign.

With offset well data and nearby producing fields validating the productivity potential of the Base Hall channel formation, and a completion and testing programme now imminent, HOCH-1 represents a near-term catalyst that could establish the foundation of a commercial gas resource for ADX in one of Europe's established onshore gas basins. Investors should, consequently, watch closely for flow rate results from the upcoming production testing phase.

Want to Follow ADX Energy's HOCH-1 Production Testing as It Unfolds?

With seven gas-bearing intervals confirmed and production testing now imminent, ADX Energy is approaching one of its most significant near-term milestones. As the first well in a three-well 2026 Austrian drilling campaign, HOCH-1 could mark the beginning of a meaningful commercial gas resource in one of Europe's established onshore basins. To learn more about ADX Energy, its Austrian exploration licence, and the full scope of its 2026 campaign, visit adx-energy.com.