Adelaide Energy Limited (ASX:ADE) Hollick-1 Weekly Drilling Report to 06:00hrs 31 March 2010

Adelaide, Mar 31, 2010 AEST (ABN Newswire) - Adelaide Energy Limited (ASX:ADE) (PINK:ADEZF) is pleased to provide the weekly update on the drilling progress at its Hollick #1 well which is being drilled in its 100% owned Petroleum Exploration Licence 255 (PEL 255).

This follows on from yesterday's announcement of gas readings of over 2000 units upon intersecting the primary target called the Jacaranda Ridge Sandstone which is estimated to be over 50 metres thick.

The deeper Sawpit Sandstone target which flowed gas to surface at rates of 2.5 - 3.0 million cubic feet per day in the Jacaranda Ridge 2 discovery well has been penetrated at around 2794 metres Measured Depth with maximum gas shows of 230 units with fluorescence.

The Daily Geological Report for yesterday which is prepared at the well site by the Company geologist is attached for reference.

The Company will continue to issue further updates as the well evaluation program develops.

Total depth for the well is expected in the next 24 hours.

---------------------------------------------------------------------ITEM                                         DETAIL---------------------------------------------------------------------Well name                               - Hollick-1Permit                                  - PEL 255Participants                            - ADE - 100%Primary targets                         - Jacaranda Ridge/                                          Sawpit sandstoneMeasured Depth(MD) - current            - 2901m (metres)MD @ end of previous week               - 2418mMetres drilled during week              - 483 mTotal Planned depth - measured depth(MD)- 2950 mTop of Jacaranda Ridge Sandstone(MD)    - 2666 mEstimated vertical thickness(m)         - 50 m (approx) - gas                                          units (20 - 2483)Activities during week                  - Drill ahead directionally                                          in 6 3/4" hole with bit                                          and drilling assembly                                          changes as required.Current activity                        - Drilling ahead to Total DepthSafety issues                           - NoneEnvironmental issues                    - None---------------------------------------------------------------------

For the complete Adelaide Energy announcement including the Geological Report, please click the link below:

http://www.abnnewswire.net/media/en/docs/62542-ASX-ADE-177450.pdf

Contact

Carl Dorsch Managing Director Adelaide Energy Limited Mob: +61-400-508-088 Email: c.dorsch@adelaideenergy.com.au Neil Young Chief Commercial Officer Adelaide Energy Limited Mob: +61-417-850-245 Email: neil.young@adelaideenergy.com.au