$ 5.14 M should be in the bank now as per ADE ann. 22nd May after executing farmin agreement with Beach.
$5.14 cash payable within 7 days & Beach to carry ADE through first $25m of expenditure on PEL218.
Should get good coverage this week.
MD said commented this was a COMPANY MAKING EVENT!!
"This deal takes Adelaide Energy to the next stage in its evolution as an oil and gas explorer and producer. We are delighted to have Beach Petroleum’s recognition, interest and future involvement in PEL 218. PEL 218 has always been a key focus for the Company where we planned on securing a Joint Venture partner who had similar goals to us, with the necessary financial muscle and respect required within the industry to develop the massive Permian gas potential in the block. With the burden of the commitments of the block effectively removed in the following years, Adelaide Energy will now be able to focus on its other assets and in particular, the Otway Petroleum Project located in the south east of South Australia”.
Good luck all
ADE Price at posting:
14.5¢ Sentiment: LT Buy Disclosure: Held
