Adelaide Energy Limited (ASX:ADE) Otway Petroleum Project Weekly Drilling Report And Regular Project Update
Adelaide, April 21, 2010 AEST (ABN Newswire) - The Otway Petroleum Project is Adelaide Energy Limited's (
ASX:ADE) 100% owned suite of integrated production, development and exploration oil and gas assets, which are located in the South Australian section of the onshore Otway Basin.
Given the current drilling and other ongoing activity currently being undertaken by ADE in the Otway Petroleum Project, the company intends in this quarter to issue weekly drilling reports and regular project updates to investors on the progress being made in the various drilling and other project areas.
The Otway Petroleum Project (100% ADE) comprises:
a. PEL 255 : contains the Jacaranda Ridge 2 discovery + 5 extra targets
b. The Katnook Gas Assets consisting of:
- The Katnook Gas Processing Plant and associated infrastructure
- The Ladbroke Grove Gas Processing Plant and associated infrastructure
- Petroleum Retention Licences 1 (Wynn) & 2 (Limestone Ridge)
- Petroleum Production Licences 62, 168 & 202
- Existing gas pipelines to the Gas Plants from wells in the PPL's
- 13 Producing/shut in gas/gas liquids wells
c. PEL's 494 and 496 - 2 exploration licences awarded to ADE on 24 March 2009
WEEKLY DRILLING REPORT TO 0600 hrs 21 April 2010
----------------------------------------------------------------------------ITEM DETAIL----------------------------------------------------------------------------Well name - Patrick - 1Permit - PEL 255Participants - ADE - 100%Primary targets - Jacaranda Ridge/Sawpit sandstoneMeasured Depth (MD) - current - 901 metres (m)MD @ end of previous week - 0 mMetres drilled during week - 901 mTarget depth - true vertical depth (TVD) - 2630 mTarget depth - measured depth (MD) - 2675 m Total depth of well (MD) - 2953 m Activities during week - Spud well on 19 April 2010 (00:01hrs), drill 12 1/4" surface hole, prepare to run 9 5/8" surface casingCurrent activities - Prepare to run 9 5/8" casingSafety issues - NoneEnvironmental issues - None----------------------------------------------------------------------------
PROJECT UPDATE
----------------------------------------------------------------------------PROJECT AREA PROGRESS REPORT----------------------------------------------------------------------------Drilling - Patrick #1 - see weekly drilling report - Attachment 1 shows a picture of the Hunt rig on the previous well (Hollick 1) (See the link below). Patrick 1 surface location is 40m to the west of this with the target sandstone some 265m to the west north west----------------------------------------------------------------------------New facilities - The connection of the Limestone Ridge well into the new gathering pipeline network connecting gas discoveries with the Katnook Plant is now complete - Gas flows to the plant from this well have been intermittent over the past week due to commissioning and compressor problems - Equipment is now on site to repair and modify production components - continuous production is now expected in the next few days - No LTI, environmental or other issues have arisen in the construction to date----------------------------------------------------------------------------
For the complete Adelaide Energy announcement please click the following link:
http://www.abnnewswire.net/media/en/docs/62673-ASX-ADE-177771.pdf
Contact
Carl Dorsch
Managing Director
Adelaide Energy Limited
Mob:+61-0400-508-088
Email: c.dorsch@adelaideenergy.com.au
Neil Young
Chief Commercial Officer
Adelaide Energy Limited
Mob: +61-0417-850-245
Email: neil.young@adelaideenergy.com.au
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