Adelaide Energy Limited (ASX:ADE) ATP 849P Sale Agreement Not Completed

Adelaide, Sep 14, 2010 AEST (ABN Newswire) - Adelaide Energy Limited (ASX:ADE) announced on 28 June 2010 the execution of an Agreement for the sale of its 20% working interest in ATP 849P.

The counterparty to that Agreement, a Queensland Government Owned Corporation, has today advised ADE that final approval for the transaction has not been obtained. This final approval was a condition precedent to the Agreement, which accordingly will now not proceed as expected.

Commenting on the matter, Carl Dorsch, ADE's Managing Director, said:

"We are surprised and disappointed that this deal has unexpectedly fallen over. We have other options for this large exploration permit, and if immediate value cannot be realized, we look forward to working with the Operator in undertaking a CBM exploration program over the next few years."

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 http://www.adelaideenergy.com.au