Adelaide Energy (ADE)

Shares / Stock Code

ADE

Stock Exchange / Sharemarket

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Adelaide Energy (ADE) is a South Australia-based exploration company engaged in the exploration of oil and gas in the Cooper Eromanga and Otway Basins of South Australia and the West Florence Basin of Colorado, United States. Adelaide Energy was listed on the Austrlain Stock exchange on 18 June, 2007. Adelaide Energy was established on Octobor 2005. The Company’s portfolio of four key projects consists of PELA 218 (Cooper Eromanga Basin, SA) with 100% interest, PEL 255 (Otway Basin, SA) with 100% interest, PEL 105 Farmin (Cooper Basin, SA) with- 16.66% interest, and Farmin to Florence Basin, Colorado USA with 15% interest.

PEL 255 is situated within the Jacaranda Ridge area of the Otway Basin. PELA 218 is a known producing hydrocarbon area, which is enclosed on three sides by onshore producing gas fields. The Prospect A PEL 105 in the Cooper Basin of South Australia has a predictable recoverable potential of about five million barrels of oil and 25 billion cubic feet of gas. Adelaide Energy is entitled to earn a 16.66% interest on PEL 105. On May 1, 2007, five gas and oilfields were identified within or on the boundaries of the block and 11 exploration wells were bedrilled in the licensed area. ADE has also the right to earn a 15% interest in the West Florence Prospect by repaying the lease acquisition costs. The Company plans to take part in a well to test the sands of the Dakota group and especially, the Muddy J Sand.