Ann: PEL 218 Farmin and Share Placement , page-5

Great result by ADE, actually achieved what they planned.

FP shares 105M
+ 8M to BPT
113M FP shares @14c ~A$16M
Cash: A$5.14 (PEL218) + A$0.96M (new ADE shares)
~A6M
EV~A$10M

More importantly will have $25M spent on PEL218 to prove CSG and conventional gas resources + enough cash to fund most of the Jacaranda Ridge tie in late 2009.

Jacaranda Ridge (PEL255).

1P 0.42mmBoe
2P 2.71mmBoe
3P 22.25mmBoe

Somewhat muted response today after the announcement with selling back around the BPT issue price of 12c (ADE was trading just less than 8c before this was released and just 5c in March).

Resistance at 14c holding but could easily break to 17c once drilling starts on PEL218 or the significance of this new agreement for the medium to long term potential of ADE sinks in. Expect to see a BRR interview and updated presentations by ADE soon.