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AED OIL LIMITED

ASX: AED

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

IN ADMINISTRATION

AED Oil Limited (AED) was a publicly listed oil and gas, exploration and development company. AED and its related bodies corporate have assets in Australia, Brunei and Indonesia, with offices in Melbourne (Head Office), Brunei Darussalam and Jakarta.

AED floated on the Australian Securities Exchange (ASX) in May 2005 and the Company was established for the purpose of acquiring, developing and commercialising specified oil fields and undertaking oil exploration. Since this time, AED has produced over 2 million barrels of premium oil from its Puffin field, has acquired contract areas Brunei Block L, Rombebai and South Madura and has gained valuable partnerships with world leading companies in the oil and gas sector.

AED will continue to grow through the explorations of its exciting fields and by diversifying within the Asia Pacific region. Leveraging on our experience from the Puffin field development, we aim to fully utilise the strengths of our skilled professionals to grow into one of Australiaís leading oil and gas companies.

Puffin & Talbot

The Puffin field comprises of licences AC/L6 and AC/P22. The Talbot field comprises of the licence AC/R1. In 2005, AED Oil Limited (AED) acquired Ashmore Oil Pty Ltd. AED was granted an exploration/production licence on 12 April 2006 therefore owning a 100% interest in both the Puffin and Talbot fields. Hydrocarbons were first discovered in AC/P22 by ARCO in 1972 with the drilling of Puffin-1. This was the first hydrocarbon discovery in the Timor Sea.

The Puffin field is located in the Bonaparte Basin in the Timor Sea, roughly 200km off the coast of Western Australia. The field is approximately 80km South-West of the Jabiru and Challis oil fields and 20 km from the Skua oil field. AED commenced oil production from the Puffin-7 well in October 2007, producing more than 2 million barrels of oil.

In June 2008, AED entered into a Joint Venture Agreement with Sinopec International Petroleum Exploration and Production Corporation (SIPC) whereby SIPC acquired a 60% interest in AEDís Puffin and Talbot assets held under AC/P22, AC/L6 and AC/RL1. Following the completion of this joint venture, AED retained its 40% share and SIPC became the operator of the fields.

Production was impacted by the performance of the production facility including the repeated failure of the gas lift compressor, and at the request of the Joint Venture production was suspended on 8 May 2009. Cyclone activities and impairment issues to the Puffin-7 and Puffin-8 wells have also been reported. The Cartier 3D Seismic Survey was conducted in 2010 over AC/P22.

Brunei Block L

In February 2010, a wholly owned subsidiary of AED Oil limited acquired a 50% stake in Block L from Nations Petroleum Company Limited, entering into a Joint Venture with Kulczyk and QAF and PetroleumBRUNEI. Brunei is the third largest oil producers in South East Asia, averaging about 180,000 barrels of oil per day (bopd). It is also the forth-largest producer of liquefied gas in the natural world. Almost all of Brunei's natural gas is liquefied at Brunei Liquefied Natural Gas (LNG) plant, which opened in 1972 and is one of the largest LNG plants in the world.

Block L is square 2,253 kilometres in size covering much of the eastern side of onshore Brunei Darussalam and also containing an offshore component. There has been some historic production on Block L, however, no exploration or development activities have been undertaken in this area in approximately 30 years. The giant Champion and Seria oil fields are both located within 25 kilometers of Block L and in recent times a large gas discovery has been announced by Brunei Shell Petroleum at Bubut less than 1 kilometer from Block L.

AED South East Asia Limited (AED SEA), a wholly-owned subsidiary of AED Oil Limited, that acquired the 50% stake in Block L is now operating the 350 square kilometers 3D seismic survey project. This seismic data project will assist with the evaluation of the potential oil and gas plays of the South Western portion of the block nearest to the Seria field. The seismic data was completed by Nations Petroleum Company as operator on May 8, 2009. The initial results from the processing of the field data indicated excellent quality data have been obtained.

The Block L consortium is made up of AED SEA (50%), Kulczyk Oil Ventures (40%) and QAF Brunei (10%).

Rombebai

The Rombebai Production Sharing Contract covers an area approximately 7,600 square kilometres along the northern coast of Papua and lies in the Waipoga Basin, a structural depression which is filled by a thick sequence of Tertiary and Quarternary sediments.

The earliest systematic exploration rights for hydrocarbons in northern Papua were granted to N.V Netherlandssche Nieuw Guniea Petroleum Maatschappij (NNGPM) in 1935. Between 1935 and 1960 MNGPM drilled four exploration wells within the Rombebai Contract Area (Gesa-1, Gesa-2, Mamberamo-1, and Niengo-1). From 1979 to 1986 Shell carried out exploration in an area which overlapped the current Rombebai Contract Area. They acquired approximately 2600 kilometres of 2D seismic and gravity data. On the basis of this information they drilled three exploration wells (all outside of the current Rombebai Contract Area). No significant exploration activity occurred in the Rombebai area since 1988 until Nations Petroleum SE Asia (NPSEA) drilled Otus-1 in 2007. During this time Nations also acquired 245.8 line kilometres of 2D seismic over the Gesa structure.

AED Rombebai BV, a wholly owned subsidiary of AED Oil Limited, has acquired a 100% interest in the Rombebai Contract Area following the purchase of NPSEA in February 2010.

South Madura

The South Madura Production Sharing Contract (PSC) covers an area of 1,031 kilometres which lies along the Southern Side of Madura Island, offshore northern Java in Indonesia. Its located immediately to the north of the Santos-operated Sampang block, containing the Oyong Anggur and Jeruk oil and gas fields, and to the South of the Bukit Tua and Jenggolo oil fields.

The PSC contains a number of near term shallow targets with relatively low drilling costs and potentially holds deep reservoirs with higher resource potential.

AED South Madura B.V., a wholly owned subsidiary of AED Oil Limited owns 60% of the PSC. Cooper Energy owns 40% of the PSC.

The South Madura PSC lies on the Southern side of the Madura Island, offshore northeast Java in Indonesia. It is located immediately to the North of the Santos-operated Sampong block, containing the Oyong Anggur and Jekuk oil and gas fields and to the South of the Bukit Tua and Jenggolo oil fields.

One well has been drilled in the block by the Joint Venture: Kurni-1, drilled in 2007/2008. The Kurnia-1 well encountered good shows of gas and oil in the fractured Kujung and the well flowed gas to surface on test. However, the test was compromised by a combination of high formation pressure and mechanical problems that resulted in the testing equipment becoming blocked. The well was plugged and abandoned, but the prospect is not considered fully tested and has the potential for further evaluation.

The Joint Venture acquired a 2D seismic survey in the western part of the block in 2007-08 to firm up prospects for potential drilling.

Mine For

oil

Location of operation(s)

Northern Territory, Brunei, Indonesia

Australian Basins

Bonaparte

Address

Level 20, 8 Exhibition St
MELBOURNE, VIC, AUSTRALIA

Phone

(03) 9654 7002

Email

Website


Last Updated

21/04/2012

 

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.