Adelaide Energy Limited (ASX:ADE) Encounter-1 Weekly Drilling Report Ended 2 November 2010

Adelaide, Nov 2, 2010 AEST (ABN Newswire) - Adelaide Energy Limited (ASX:ADE) is pleased to update on Encounter-1 Weekly Drilling Report:

Well name: Encounter-1

Permit: PEL 218 (Permian JV)

Participants: Beach Energy Ltd (ASX:BPT) (PINK:BEPTF) - 90% (Operator); Adelaide Energy Ltd - 10%

Primary targets: Roseneath/Epsilon/Murteree shale/sand/shale sequence

Spud Date: 3 October 2010

Target depth (prognosed): 3625m

Total depth @ end of current week: 2596m

Total depth @ end of previous week: 2445m

Metres drilled during week: 151m

Activities during week: Drill ahead in 12 1/4" hole to casing point

Current activities: Run 9 5/8" intermediate casing (some lost time)

Planned Activities: Finish running casing and cement same ; drill ahead in 8 1/2" hole

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