ADE
From IntFX
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[edit] Company Overview
Adelaide Energy Limited focuses on oil and gas exploration in the Cooper Eromanga and Otway Basins of South Australia and the West Florence Basin of Colorado, United States. PEL 255 is located within the Jacaranda Ridge area of the Otway Basin. PELA 218 is a known producing hydrocarbon area, which is surrounded on three sides by onshore producing gas fields. The Prospect A PEL 105 in the Cooper Basin of South Australia has an estimated recoverable potential of up to five million barrels of oil and 25 billion cubic feet of gas. The Company has the right to earn a 16.66% interest on PEL 105. As of May 1, 2007, 11 exploration wells were bedrilled in the license area and five gas and oilfields were discovered within or on the boundaries of the block. It is also entitled to earn a 15% interest in the West Florence Prospect by reimbursing the lease acquisition costs. The Company intends to participate in a well to test the sands of the Dakota group and in particular, the Muddy J Sand.
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