ADE 0.00% 19.5¢ adelaide energy limited

oil flow........

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    OIL FLOW CONFIRMED FOR ADELAIDE ENERGY WELL
    IN SOUTH AUSTRALIA’S SOUTH EAST
    An oil flow has now been confirmed at Adelaide Energy Limited’s (ASX code: ADE) 100%-owned Jacaranda Ridge-2 gas discovery well in South Australia. The well lies within PEL-255 and is located just west of Penola in the State’s South East.
    The oil flow was obtained from the 12-metre interval between 2,617 metres and 2,629 metres. This zone was successfully perforated using innovative engineering techniques not previously attempted in the region.
    The perforated interval is part of a 25 metre thick sandstone which was tested during the drilling of Jacaranda Ridge-2 in 2007 but failed to flow despite exhibiting the presence of hydrocarbons on the well logs.
    Oil production was confirmed by increased flow rates, sampling and pressure surveys conducted immediately after the perforation work when a previously unseen black smokey flare occurred.
    Previous work by the Company demonstrated that the well was capable of flowing gas at 2.5 MMCFD (million cubic feet per day) and condensate at 200 BPD (barrels per day) from sands below the newly perforated interval.
    “The additional flow of oil demonstrated by the latest testing is very encouraging and increases the productivity of this well with the full potential of this interval yet to be revealed”, Adelaide Energy’s Managing Director, Mr Carl Dorsch said. “If we could match or surpass the oil flow of 408 BPD in Jacaranda Ridge 1 drilled in 1999, the additional hydrocarbon reserves will substantially increase the project’s profitability. Also this potential additional reservoir further increases the prospectivity of the Jacaranda Ridge structure”, he said.
 
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