Adelaide Energy Limited (ASX:ADE) Holdfast-1 Weekly Drilling Report Ended 1 Feb 2011

Adelaide, Feb 1, 2011 AEST (ABN Newswire) - Adelaide Energy Limited (ASX:ADE) is pleased to release Holdfast-1 weekly drilling report ended 1 Feb 2011.

- Well name: Holdfast-1

- Permit: PEL 218 (Permian JV)

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

- Primary targets: Roseneath/Epsilon/Murteree shale/sand/shale sequence ("REM" unit)

- Spud date: 21 January 2011

- Target depth (prognosed): 3625m

- Total depth @ end of current week: 955m

- Total depth @ end of previous week: 776m

- Metres drilled during week: 179m

- Activities during week: Drill 17 1/2" surface hole - run and cement 13 3/8 surface casing at 949.4m

- Current activities: Awaiting crane for BOP installation - prepare 12 1/4" drilling assembly

- Planned activities: Install and test BOPs - commence 12 1/4" intermediate hole

- Other comments: Light rain during week - some hindrance to operations

For the complete Adelaide Energy Limited announcement including chart, please refer to the following link:

http://www.abnnewswire.net/media/en/docs/65128-ASX-ADE-181667.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