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ADELAIDE ENERGY LIMITED -Delisted

ASX: ADE

The data on Australian Shares.com is intended as a guide only and is compiled from information in the public domain. Data on this website should not be used to make an investment or trading decision.

Description

Takeover by Beach Energy 16/01/2012

ADE was an oil and gas exploration and production company headquartered in Adelaide, South Australia. The company has assembled a portfolio of exploration and production assets centred around the Otway and Cooper Basins in South Australia.

Company Highlights were

* Listed 14 June 2007
* Drilled its first gas and oil discovery well in July 2007
* Aggressively focusing on oil and gas exploration and production
* Operator for Drilling and Seismic programmes in the Otway and Cooper Basins
* Portfolio embraces exploration acreage in the Cooper, Otway, Surat and Maryborough Basins
* The Company is earning income from hydrocarbon production from the Otway BasinADE has positive cash flow and is operating debt-free
* The company has a small non-core asset in Colorado in the US

Otway Basin

The Otway Basin was the site of the first well drilled in South Australia and 100 years later ADE acquired a dominant position in the Basin. ADE has become a significant acreage and reserves holder in this proven hydrocarbon province.

* ADE drilled and completed the Jacaranda Ridge-2 discovery well in 2007
* Jacaranda Ridge-2 flowed gas at 3 mmcfd with 235 bbls oil & condensate following a production test in July, 2008
* ADE receives income from the 100% owned Katnook Gas Plant, Penola, and it's engineers are constantly working up methods to maximise production from the surrounding fields.
* Jacaranda Ridge 2 was connected by a new pipeline to the Katnook Plant in the first half of 2010 and ADE received gas and liquids revenues from this well
* ADE drilled 2 wells on the Jacaranda Ridge structure in the first half of 2010. Gas was flowed to surface from these and they are currently on test.

Cooper Basin: ADE 10% Equity in Permian & 20% in Post Permian

A geological legacy of marine flooding of the central Australian continent during the Mesozoic Era and invaluable National asset hosting hydrocarbons and water reserves of the Great Artesian Basin. ADE acquired 219 km 2D seismic in 2008.

* The Eromanga Basin contains the oil prospective Namur and Hutton sandstone reservoirs
* High heat flows ensure organic material has entered the generative “oil window”
* Numerous anticlinal plays have been identified and 3 matured to Prospect status
* Farm-in partners drilled the first Eromanga well in PEL 218 in 2009 Wakefield 1 oil shows and potential coal seam gas prospects were identified and are currently being evaluated.
* The 2008 Wakefield Seismic Survey acquired 219 km 2D seismic to delineate additional plays in the permit.
* ADE has met all obligations in PEL 218 under Native Title agreements and Work Area Clearance to protect sites of cultural significance
* A major shale gas drilling program is currently underway into the Permian section.

Cooper Basin : ADE 50% equity

The northern Cooper Basin province hosts the massive 100 MMbbl Tirrawarra Oil Field in the liquids-rich Patchawarra Trough. ADE acquired 93 km 2D seismic in 2008 to high-grade drilling targets in this proven hydrocarbon province.

* PEL 105 spans the central Patchawarra Trough from the Permit’s western limit between the Moorari and Kudrieke fields east to the huge Santos-operated Bookabourdie Field
* Re-interpretation of geophysical data has allowed ADE to identify a large hydrocarbon target between the producing Moorari and Kudrieke fields
* The Pirie-1 exploration well will be drilled in 2011 on a significant closure above the abandoned 1983 Toonman-1 well
* Toonman intersected tight hydrocarbon saturated sand in an era when fracture stimulation was in its infancy – ADE will fracture the tight sands to access un-risked P10 OOIP of 23 MMbbl and P50 OOIP 2 MMbbl.
* The 2008 Wakefield Seismic Survey acquired 93 km 2D seismic to identify and mature a range of drilling targets including around the flanks of the Bookabourdie structure.
* Proximity to pipeline infrastructure and processing facilities high-grades all discoveries in PEL 105

West Florence Prospect, Colorado, USA

* Located in Fremont County, Colorado USA
* This is now considered a non-core asset by ADE and sale options for its divestment are currently being considered.

Mine For

Oil, Gas

Location of operation(s)

South Australia, USA

Australian Basins

Otway, Cooper, Surat, Maryborough

Address

Level 5, 70 Pirie St
ADELAIDE, SA, AUSTRALIA

Phone

(08) 8228 5207

Email

Website


Last Updated

21/04/2011

 

The data on Australian Shares.com is intended as a guide only and is provided purely as an indication of what information can be found through official announcements. Data on this website should not be used to make an investment or trading decision. All information should be carefully cross-checked against official sources for accuracy. The publisher (Intaanetto Pty Ltd) will not be held liable for any loss arising from the use of this website.