lang walker puts some ade in his tank

Lang Walker puts some Adelaide Energy in his tank

Page 42
AFR
27 November 2009

Billionaire property developer Lang Walker, has added a stake in oil and gas hopeful Adelaide Energy to his sharemarket portfolio.

Walker picked up 20 per cent of the company for $3.96 million in a placement of 33 million shares that will add to a portfolio that has included Aditya Birla Minerals, Cockatoo Coal and biotech Acrux.

"Its a small company and I think it has a lot of future," Walker told Rear Window.

"It produces a cash flow with exploration upside and it is run by a group of professionals."

Adelaide Energy will use the money to complete more pipelines and drill more wells in Otway and Cooper basins. Managing Director Carl Dorsch said he was looking forward to a "close association" with Walker in the next phase of the company "evolution".