ADX Energy Ltd. announced that it has executed concession agreements with the Federal Ministry responsible for Mining on behalf of the Republic of Austria has ratified the exploration, production and gas storage concession agreements negotiated earlier in the year with the responsible BMLRT for Upper Austria following a comprehensive but highly efficient and speedy approval process. The execution of the concession agreements for the Upper Austria AGS is a significant milestone for ADX which is now the sole exploration operator in the Austrian part of the prolific Molasse oil and gas basin. The new drill ready and potentially substantial growth portfolio in Upper Austria complements the stable, long term, cash flow from ADX Lower Austrian oil and gas fields which are located in the middle of OMV's (the National Oil Company of Austria) principal area of operations. ADX is now well positioned for significant short to mid-term growth in Austria, a country where over a 1 billion barrels of oil and 2.7 TCF of gas has been produced, with a stable legal and economic framework as well as attractive fiscal terms. The unique "ADX master of the basin" position in Upper Austria has been enabled by exclusive access to high quality 3D seismic, well data and a highly experienced local exploration and production operations team who has had an outstanding track record for cost efficient rapid project execution and a recent (approx. 10 years) historical exploration success rate of 48% based on modern 3D seismic. The total term for the Upper Austria AGS is 16 years without any relinquishment and the first 4 year firm period commencing 1st January 2021. ADX has entered a 2 well drilling commitment, however the minimum financial obligation to keep the licenses in good standing is EUR 2.2 million for the first period. Austria does not have a typical open door licensing round system for obtaining oil and gas rights, however the concession agreement negotiations with the respective Mining Authorities and the subsequent speedy government ratification process which required finance ministry approvals has highlighted the efficiency and the government support for oil and gas activities and investment. It is important to emphasise that the acceptance of ADX as an oil and gas operator and producer in Lower Austria was a key milestone and pre-condition for achieving the historic award of oil and gas concessions in Austria, where only OMV and RAG have been the only companies to undertake exploration operations for almost a century. Due to the above-mentioned licensing system, there is a high barrier for entry into Austria as a new oil and gas operator however once a license has been secured the system is highly flexible and favourable for the licensee. A significant advantage of the system is the ability to make exploration and production area extensions, part relinquishments and secure drilling location approvals in relatively short time frames of a few months.