Adelaide Energy Limited (ASX:ADE) Encounter-1 Weekly Drilling Report Ended 23 November 2010

Adelaide, Nov 23, 2010 AEST (ABN Newswire) - Adelaide Energy Limited (ASX:ADE) is pleased to release Encounter-1 weekly drilling report ended 23 November 2010.

Well name: Encounter-1

Permit: PEL 218 (Permian JV)

Participants: Beach Energy Limited (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: 3257m

Total depth @ end of previous week: 3147m

Metres drilled during week: 110m

Activities during week: Drill 8 1/2" hole from 3147 - 3257m with a number of bit trips (presuure test BOP's)

Current activities: Drill ahead in 8 1/2" hole (slow progress in Epsilon sandstone)

Planned Activities: Drill ahead to next core point in Epsilon - cut Epsilon core and drill ahead to Murteree Shale

For the complete Adelaide Energy announcement including Encounter-1Time Depth Chart, please refer to the following link:

http://www.abnnewswire.net/media/en/docs/64245-ASX-ADE-180630.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 http://www.adelaideenergy.com.au