On 23 January 2009 Adelphi Energy Limited (Adelphi Energy or...

On 23 January 2009 Adelphi Energy Limited (Adelphi Energy or Company)announced a placement of up to 22.95 million ordinary shares at 6 cents per share to various parties to raise up to $1.377 million before the costs of the issue
(Placement).

Now the shareholders took up around 4 million shares of that offer so those complaining at the moment that the company should have offered an SPP instead of the CR that happened have short memories.

Sure a lot has happened to improve the potential since then, but the ADI board decided it needed capital to keep in front of any plans Hilcorp may have up their sleeve and it doesnt pay to waste time in raising money. Imagine if an spp was still dragging on now.

The so called 'loyal shareholders' who keep complaining about missing out on 25c shares and the effect the CR had on the sp may have their time in the sun but for god sake if you are so loyal...look at the fundamentals and either by some more now or get over it.

Bottom line is corporately ADI are perfectly set - the resource is proving itself nicely and they have cash in the bank.

The market will one day realise that the following results are worth taking note of:

Morgan #1H
4,400 ft of horizontal section
5.16 mmscf/d Gas & 2,046 bcpd or 31 mmscfe/d

Easley #1H
2,750 ft of horizontal section as
6.81 mmscf/d Gas & 780 bcpd or 17.9 mmscfe/d

Plus Weston and Kennedy -

Rancho coming soon and who knows where Hilcorp will head next...