Ann: Prospectus - Share Purchase Plan Options, page-2

Caveat emptor - Yes, a prospectus always makes good reading, as the legal liability involved in misrepresentation or obfuscation are fairly severe ...
"Chapter 6D of the Corporations Act imposes a liability regime on the Company (as the offeror of the Securities), the Directors, the persons named in the Prospectus with their consent as proposed Directors, any underwriters, persons named in the Prospectus with their consent having made a statement in the Prospectus and persons involved in a contravention in relation to the Prospectus, with regard to misleading and deceptive statements made in the Prospectus, Although the Company bears primary responsibility for the Prospectus, the other parties involved in the preparation of the Prospectus can also be responsible for certain statements made in it." (page 34)

Funding - throughout prospectus - no funding, no project execution (this equity raise is not for projects, apart from Austria Molasses licence bank guarantee)

Disclosure- Remember the Q4 22% production decline that started in October and was announced 29 January with Q4 update? So much for continuous disclosure!!
"The Company is a “disclosing entity” (as defined in Section 111AC of the Corporations Act) for the purposes of Section 713 of the Corporations Act and, as such, is subject to regular reporting and disclosure obligations. Specifically, like all listed companies, the Company is required to continuously disclose any information it has to the market which a reasonable person would expect to have a material effect on the price or the value of the Company’s securities. ... Having taken such precautions and having made such enquires as are reasonable, the Company believes that it has complied with the general and specific requirements of ASX as applicable from time to time throughout the 3 months before the issue of this Prospectus which required the Company to notify ASX of information about specified events or matters as they arise for the purpose of ASX making that information available to the stock market conducted by ASX." (page 28)

Romania - ICEA Mare Production licence - not as wonderful as press releases:
"On 2 July 2020 ADX commenced production testing on the Iecea Mica-1 well. The results of the test were not conclusive. Further operations included acidization of the well did not yield commercial flows. The well remains shut in while ADX determines whether further stimulation work is likely to successful and re-evaluates likely reserves potential of accumulation intersected by the well. A number of technical options exist for the Iecea Mica-1 well including but not limited to further testing, utilising the well to access deeper exploration potential or abandoning the well in the event the well is no longer likely to have a practical or commercial use. The abandonment of the well may constitute a future liability. A decision regarding the future of the well will be determined during the first half of 2021 and will require the agreement of the Romanian Authorities." (page 21)

Romania - Onshore Exploration - Case with TMK not certain, licence extensions at risk
"On the 7th of September 2020 ADX received a notice from Parta Energy Pty Ltd that the board of Tamaska have decided not to proceed with the farmin transaction relating to the EX-10 Parta Exploration licence in Western Romania pursuant to the terms of the previously announced farmin agreement between ADX Energy Panonia Srl, Danube and Party Energy (Farmin Agreement).ADX believes that the actions of Tamaska represent a default pursuant to the terms of the Farmin Agreement. Due to the actions of Tamaska, ADX has suspended the mobilisation of the 3D exploration seismic crew and has minimised ongoing financial exposure in relation to the 3D exploration seismic program operations with the seismic contractor.ADX is considering appropriate legal recourse in relation to the default under the Farmin Agreement by Tamaska. At this stage the outcome of any legal action cannot be determined.The delay in seismic acquisition affects ADX ability to meet the work program obligations for the permit and ADX ability to secure further extensions in the work program for the permit which in the worst case may lead to forfeiture of the license." (page 21)

Tunisia - Lambouka well abandonment and inspection - running away with unmet liabilities - will Italians look at this before releasing exploration licence for Nilde?
"The surface casing on the well was not cut down to the mud line to enable the potential future re-entry to the well. The Company believes that existence of casing above the mud line does not represent a maritime threat or a threat to fishing given the depth of approximately 700 meters. ETAP has requested the visual inspection of the well to confirm there is no gas leakage. This work was intended to be accomplished utilising a ROV (remote operated vehicle) deployed from a supply vessel during future well operations at an expected cost of between US$ 50,000 to US$ 100,000. Given the forfeiture of the permit and the wind up of AOG this potential liability is not considered likely." (page 20)