AED Outlines Windsor Development Strategy
American Energy Development Corp. (AED) has outlined its strategy for the development of the company's 24,700 acre Windsor Prospect located in the United Kingdom.
Managed by AED's wholly-owned U.K.-based subsidiary, Reservoir Resources Limited, the prospect acreage is located in the proven Weald Basin. The prospect has geological formations and structures that extend onshore from the North Sea, with seismic mapping showing a closed anticline structure. Middle Jurassic oil shows and oil production are currently found throughout the basin, which is suggestive of an active petroleum system in the area. An independent geological report indicates the Windsor acreage could have an estimated prospective resource potential of up to 615 million barrels of oil in place.
AED's senior management is currently in the United Kingdom to discuss the development program with several potential contractors. AED has outlined a four point plan to advance the prospect to be drill-ready by the second half of 2012:
- Conducting full feasibility and environmental studies
- Determine an initial drill location using geological and geophysical tools per the study results
- Submit documentation for the drilling permit to the Department of Energy and Climate Control
- Tender for drilling and auxiliary services
"We plan to the use the extensive geological and geophysical tools at our disposal to unlock the potential in this asset," said the president of AED, Herold Ribsskog. "We also plan to use the latest and most advanced technology to ensure our operations are conducted in a safe and efficient manner."