Adelaide Energy Limited (ASX:ADE) Patrick-1 Reaches Target Depth

Adelaide, May 5, 2010 AEST (ABN Newswire) - Adelaide Energy Limited (ASX:ADE) is pleased to announce that its 100% owned Patrick-1 well has encountered significant gas shows of greater than 4,000 units against a background of 22 units at 2,679 metres Measured Depth (MD) in the Jacaranda Ridge Sandstone primary objective.

The gas readings, in association with 100% fluorescence, have remained high for a further 6 m MD prior to pulling out of hole to commence coring in the Jacaranda Ridge Sandstone. The deeper Sawpit Sandstone target, which flowed gas to surface in Jacaranda Ridge-2 at rates of 2.5 to 3.0 million cubic feet per day, has not yet been penetrated at the time of this announcement.

ADE will issue further updates as the well evaluation program develops.

The Patrick-1 oil and gas exploration well is located in PEL 255 of the onshore Otway Basin of south east South Australia.

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