Adelphi Energy Limited Ground Floor, 88 Colin Street, West...

Adelphi Energy Limited
Ground Floor, 88 Colin Street, West Perth, Perth Western Australia 6005
PO Box 574, West Perth, Western Australia 6872
Tel: 61-8 9480 1300 Fax: 61-8 9263 4688
Email: [email protected]

Wisteria-1 Prepares to Commence Drilling

Adelphi Energy Limited is pleased to advise that the Seadrill West Atlas drilling rig which
will drill the Wisteria-1 exploration well in AC/P32 has arrived on location, jacked up and is
preparing to spud. It is anticipated that the well will spud later today.
Wisteria-1 is being drilled in 97 metres of water to a planned depth of some 3,323 metres.
The well is designed to intersect the Puffin Formation reservoir just inside the pinch-out
edge of the Puffin Sandstone and coincident with an amplitude anomaly. The well will
then intersect the Montara and Plover sandstone targets on the crest of a separate
culmination, at the Jurassic level, vertically below the Puffin play.
It is expected that the Puffin sandstones will be intersected approximately 12 days after
spud and the well will reach its planned depth within 3 weeks.
The AC/P32 Permit is located in the Vulcan sub-basin off the coast of Western Australia,
and is surrounded by a number of existing oil and gas production and discoveries
including Jabiru, Challis, Cassini, Skua, Swift, Puffin and Montara.
The Wisteria prospect is well defined by 3D seismic and has the potential to hold more
than 200mmbbls of recoverable oil. Potential reserves (P50) for the Puffin reservoir are
estimated to be 174mmbbls while the Montara and Plover sandstone reservoirs have
potential reserves (P50) of 21 and 12mmbbls respectively.
Adelphi Energy is virtually free carried through the drilling of this well following farmout to
Cosmo Energy.
Chris Hodge, Managing Director of Adelphi Energy commented that:

"This Wisteria prospect has a bit of everything multiple targets, high upside and an
excellent overall chance of success. Even a relatively small discovery of just 5mmbbls
can be economic because of the closeness of the Wisteria prospect to the operator
Coogee Resources nearby Montara facilities.



We are also pleased to welcome Cosmo Energy of Japan to the joint venture - a move
which endorses our strong technical view of the AC/P32 permit and allows us to be near
fully carried through this very significant well

Participants in the AC/P32 permit are:

Adelphi Energy Limited 10.0%
Coogee Resources (Ashmore Cartier) Pty Ltd (Operator) 22.5%
Cosmo Energy Exploration & Development Ltd 22.5%
Bharat Petroleum Corporation Ltd 20.0%
Westranch Holdings Pty Ltd 15.0%
Bounty Oil & Gas NL 10.0%

This release along with further information on the Wisteria prospect is available on the
Companys website at:
www.adelphienergy.com.au