AED Oil Limited
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.
The Australian share market dropped sharply to a three-month low on Friday follwoing the plummet in overseas stocks and commodities prices. About A$31 billion was wiped from the value of stocks after the massive selling in Australian shares. At the close, the benchmark S&P/ASX200 index fell 107.3 points, or 2.32 per cent, to close at 4514.3, while the broader All Ordinaries index lost 111.4 points, or 2.4 per cent, to 4532.7.
Wall Street closed slightly higher overnight on a round of buying in energy and materials companies. But more stocks fell than rose as retailers such as Target and Home Depot's disappointing holiday spending outlooks raised concerns over the strength of recovery.
Wall Street fell for a third session despite a positive manufacturing data in August. The sell-off was caused by concerns over banks' outlook and fears about September, which was historically one of the market's weakest months.
The Australian share market closed lower with a broad-based selling off after Wall Street's tumble. The benchmark S&P/ASX200 index slumped 45.4 points, or 1.2 per cent, at 3755.7, while the broader All Ordinaries index lost 41.4 points, or 1.1 per cent, to 3753.9.
AED Oil Limited (ASX:AED)(PINK:AEDOF) is pleased to announce that Nexus Energy Limited ("Nexus") and AED have entered into a transaction where AED has agreed to acquire a 50% joint venture interest in the Longtom project (VIC/L29) and the exploration permit VIC/P54, subject to certain conditions.