Adelaide Energy Limited (ASX:ADE) Holdfast-1 Weekly Drilling Report Ended 22 Feb 2011

Adelaide, Feb 22, 2011 AEST (ABN Newswire) - Adelaide Energy Limited (ASX:ADE) is pleased to release Holdfast-1 weekly drilling report ended 22 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: 2605m

- Total depth @ end of previous week: 2504m

- Metres drilled during week: 101m

- Activities during week: Drill 12 1/4" intermediate hole to 2605m. Run electric logs. Run and cement 9 5/8" intermediate casing at 2602m. Nipple up section BOP's and test same

- Current activities: Pressure test BOP's

- Planned activities: Drill 8 1/2" production hole from 2605m and core "REM" unit as planned

- Other comments:

Expect to start drilling ahead in next two days

Expect top of Toolachee sand at +/- 2820m and "REM" unit at 3060m

For the complete Adelaide Energy Limited announcement including Time Depth Chart, please refer to the following link:
http://www.abnnewswire.net/media/en/docs/66112-ASX-ADE-181964.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