Adelaide Energy Limited (ASX:ADE) Holdfast-1 Well Spudded

Adelaide, Jan 24, 2011 AEST (ABN Newswire) - Adelaide Energy Ltd (ASX:ADE) (ADE) is pleased to announce that it has been advised by the Operator of the Holdfast-1 well that it was spudded on 21 January 2011. Holdfast-1 is being drilled into the Permian section of PEL 218 (ADE - 10%). The Company's weekly drilling report on this well will be issued tomorrow.

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