Adelaide Energy Limited (ASX:ADE) Otway Petroleum Project Weekly Drilling Report And Regular Project Update
Adelaide, May 12, 2010 AEST (ABN Newswire) - The Otway Petroleum Project is Adelaide Energy Ltd'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
d. PRL 13 (30% ADE) - Killanoola Prospect (soon to be 80% ADE)
WEEKLY DRILLING REPORT TO 0600 hrs 12 May 2010
------------------------------------------------------------------------ITEM DETAIL------------------------------------------------------------------------Well name - Patrick - 1Permit - PEL 255Participants - ADE - 100%Primary targets - Jacaranda Ridge/ Sawpit sandstoneMeasured Depth (MD) - current - 2,998 metres (m)MD @ end of previous week - 2,674 mMetres drilled during week - 324 mPrimary Target (Jacaranda Ridge Sandstone) - 2,675 - 2,712 mMD (approx)Secondary Target (Sawpit Sandstone) - 2,765 - 2,970 mMD (approx)Activities during week - Drilled to 2,685m - Cored from 2,685 - 2,717m - Drilled to total depth (2,998m) and commenced electric loggingCurrent activities - Logging with formation evaluation toolSafety issues - NoneEnvironmental issues - None------------------------------------------------------------------------
PROJECT UPDATE
--------------------------------------------------------------------------PROJECT AREA PROGRESS REPORT--------------------------------------------------------------------------Drilling - Patrick-1 - see weekly drilling report--------------------------------------------------------------------------Testing - Hollick-1 - Equipment is currently being mobilised to site to enable testing of the Hollick-1 and Patrick-1 wells - due for mid-May--------------------------------------------------------------------------Testing - Wynn-2 - The Hunt rig will shortly move to Wynn-2 on PRL 1 after release from Patrick-1 - Completion will be run and the well testing will commence shortly thereafter - Wynn-2 was drilled in 1995 but not completed at the time - ADE recently connected PRL 1 to the Katnook plant--------------------------------------------------------------------------New facilities - Gas production from the Limestone Ridge-1 has now stabilised and the well has produced in excess of 100 TJ into sales since coming on line--------------------------------------------------------------------------
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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