Adelaide to Spud Otway Prospect This Weekend

Adelaide Energy's Patrick-1 gas and oil exploration well in PEL 255 (part of its 100% owned Otway Petroleum Project) is expected to commence drilling operations this weekend. This follows the rig release from Hollick-1 which was announced recently.

The Company intends to continue to provide weekly updates as previously advised.

Commenting on the revised drilling plan for the Company, the Managing Director Carl Dorsch said, "The recent success of Hollick-1 has confirmed ADE's technical view of the prospectivity of PEL 255 for oil, gas and gas condensate and given us the encouragement to drill the larger target of Patrick-1 rather than Brand-1 (see Figure 1 below). Patrick-1 is targeting a P50 recoverable resource size of over 300,000 barrels of oil/condensate and 1.3 PJ of gas. Additionally the prospectivity for the total permit has been enhanced significantly given the preliminary results from Hollick-1. Our total estimates for PEL 255 are that it could have a P50 recoverable resource of more than 5 million barrels of oil/condensate and 16 PJ of gas. On the high side, our P10 recoverable resource estimate is 14 million barrels of oil and 50 PJ of gas."

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