ANNOUNCEMENT TO ASXDRILLING REPORT : Jacaranda Ridge #2 –...

ANNOUNCEMENT TO ASX
DRILLING REPORT : Jacaranda Ridge #2 – Adelaide Energy 100% : PEL 255, Otway Basin, South Australia
Adelaide Energy Limited ("ADE") is pleased to announce that testing of the Jacaranda Ridge #2 well
commenced on Saturday 18 August 2007. The well flowed strongly in clean up phase over a period of three
hours prior to being shut in for the night.
The well was opened up again on Sunday morning after recording the following pressure measurements:
Shut in tubing pressure = 2616 psi
Shut in casing pressure = 0 psi
both recorded after 13 hours of shut in.
The well appeared to stabilize after 4 – 5 hours with a strong gas flow at a flowing tubing pressure of 720 psi
through a ½” choke. The well is also producing a strong and clean condensate flow with decreasing water cut
(estimated at 5 -10% at end of flow period). The gas flow was too high to flow to the test tank and measure the
condensate rate and consequently, the Company will mobilize a test separator and larger storage tank to site as
soon as possible to confirm gas, condensate (oil) and water rates.
The Company’s Managing Director seen below at the wellsite flare on Sunday commented, “This well has now
strengthened the Company’s belief in the prospectivity of the area and testing has confirmed the existence of
hydrocarbons. The find further enhances the potential of the Petroleum Exploration Licence (PEL 255) and
indicates that the southern extension to be drilled next year remains a viable and exciting opportunity for the
Company”, he said.