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AED OIL LIMITED - ASX: AED
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Description
AED Oil Limited (AED) is a Melbourne-based oil exploration and development company with 40% equity interest in the permits AC/P22, AC/L 6 (the Puffin Field) and AC/RL 1 (Talbot) located in the Bonaparte Basin in North Western Australia, 80km South-West of the Jabiru and Challis oil fields and 20km from the Skua oilfield.
The Puffin fields produce a light sweet crude (API 43.8) being one of the most sought after crudes in the world, trading at a premium to APPI Tapis.
The company listed on the Australian Stock Exchange (ASX) in May 2005. The location of AED’s first oil operation was selected because of its well known oil producing characteristics, its relatively shallow waters, being within Australian territorial waters and its proximity to likely markets. The company commenced oil production in October 2007.
In March 2008 AED entered into a joint-venture agreement selling a 60% interest of the Puffin and Talbot oils fields to Sinopec International Petroleum Exploration and Production Corporation (SIPC) the second largest oil Company in China. Under the Terms of the joint-venture agreement SIPC, through its wholly owned subsidiary, East Puffin Pty Limited, will operate the Puffin and Talbot field.
As a result of the funds received in transacting the AED/SIPC joint-venture, AED now has the financial capacity to continue to develop the Puffin and Talbot fields and to seek additional interests in the Asia Pacific region.
Mine For
oil
Location of operation(s)
Northern Territory
Australian Basins
Bonaparte
Address
Level 20, 8 Exhibition St
MELBOURNE, VIC, AUSTRALIA
Phone
(03) 9654 7002
Website
Last Updated
05/05/2010
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.