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In reply to: ShareScene.com on Wednesday 09/05/07 10:54am

ANNOUNCEMENT TO ASX 20th august 2007

DRILLING REPORT : Jacaranda Ridge #2 ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â‚¬Å¡Ã‚¬Ãƒâ€¦Ã‚¡ÃƒÆ’‚¬Ãƒâ€Â¦ÃƒÆ’¢Ã¢Ã¢â‚¬Å¡Ã‚¬Ãƒâ€¦Ã¢â‚¬Å“ Adelaide Energy 100% : PEL 255, Otway Basin, South Australia

Adelaide Energy Limited ("ADE") is pleased to announce that testing of the Jacaranda Ridge #2 well

commenced on Saturday 18 August 2007. The well flowed strongly in clean up phase over a period of three

hours prior to being shut in for the night.

The well was opened up again on Sunday morning after recording the following pressure measurements:

Shut in tubing pressure = 2616 psi

Shut in casing pressure = 0 psi

both recorded after 13 hours of shut in.

The well appeared to stabilize after 4 ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â‚¬Å¡Ã‚¬Ãƒâ€¦Ã‚¡ÃƒÆ’‚¬Ãƒâ€Â¦ÃƒÆ’¢Ã¢Ã¢â‚¬Å¡Ã‚¬Ãƒâ€¦Ã¢â‚¬Å“ 5 hours with a strong gas flow at a flowing tubing pressure of 720 psi

through a ÃÆâ€â„¢ÃƒÆ’ƒÂ¢Ãƒ¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡ÃƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚½ÃƒÆ’Æâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚ choke. The well is also producing a strong and clean condensate flow with decreasing water cut

(estimated at 5 -10% at end of flow period). The gas flow was too high to flow to the test tank and measure the

condensate rate and consequently, the Company will mobilize a test separator and larger storage tank to site as

soon as possible to confirm gas, condensate (oil) and water rates.

The CompanyÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s Managing Director seen below at the wellsite flare on Sunday commented, ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Â¦ÃƒƒÂ¢Ãƒ¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…âہ“This well has now

strengthened the CompanyÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¾Ãƒâہ¡ÃƒÆ’‚¢s belief in the prospectivity of the area and testing has confirmed the existence of

hydrocarbons. The find further enhances the potential of the Petroleum Exploration Licence (PEL 255) and

indicates that the southern extension to be drilled next year remains a viable and exciting opportunity for the

CompanyÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚ÂÂ, he said.

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In reply to: carefully on Wednesday 22/08/07 07:43pm

note this part of the ann :The gas flow was too high to flow to the test tank and measure the

condensate rate and consequently, the Company will mobilize a test separator and larger storage tank to site as

soon as possible to confirm gas, condensate (oil) and water rates

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In reply to: carefully on Wednesday 22/08/07 07:45pm

Hi ya carefully, i popped some funds on there oppies yesterday at .042 and .043.

just a shot in the dark really, this S.E site is close to home so i'd be a little cross if it took off without me on board. tonights announcement wont do any harm either i'd image

 

cheers PC

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Trading Halt http://www.sharescene.com/html/emoticons/ohmy.gif

 

looking ahead and at the bright side carefully, when we have the $1.00 party it'll be a cheap shout!!

just u and me !!!!!! oh and maybe football star on the other site http://www.sharescene.com/html/emoticons/biggrin.gif

 

cheers PC

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Could ADE be another AED? Well not quite, but this recent IPO with a m/c of only A$15.9m is worth oil investors having a very close look at. For a small company such as ADE to have struck oil in its first 2 wells in such a short period is just amazing(listed only 14th June). While their 15% interest in Florence 1 appears to be commercial according to VPE, its 100% interest in Jacaranda 2 that really gets the blood pumping. Jacaranda 1 flowed at 405BOD but was not considered worth developing at that time. Jacaranda 2 has flowed at a stabilized rate of 250BOD. A way to go yet, but just imagine what a small commercial field of 2million recoverable would do to a share with such a small M/c.
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You have to feel sorry for the Mums and Dads who put their money into ADE IPO at the worst possible time, in just over 1 month half their money vanished. So you can understand their attitude get out of this dog at even money if possible . Well yesterday the M's and D's got to even at 20 cents and rushed out of the shares (Shares 17.5 + 1/2 option 2 1/2 cents ) The silly thing is the reason they took up the IPO in the first place, an outside chance of finding oil in a 100% owned permit and 15% of another has a reasonable chance of coming good. One can only assume that investors were prepared to snap up all the shares that Mum and Dad were dumping. So heres the situation ADE raised A$10million, m/c last night was only A$15million. So the market is saying the two oil discoveries are only worth $5million. Partners have stated Florence 1(15%) looks commercial and the oil found at Jacaranda 2 (100%) is so sweet you can put it right into your lawnmower. Would need very little to push shares to 30cents IMO making the 09 options at 5cents a very attractive geared situation as the ex price is only 20cents, so almost in the money. DYOR but really worth a look.
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