The company is now advancing towards the drilling phase of the project. It is expected that the Stena Clyde will be mobilized from its present location on the Northwest Shelf early February 2006 with the first AED will spudded mid-February.
AED Oil has a 100% participating interest in AC/P22 which is located in the Ashmore Cartier Exploration Permit area of the Vulcan sub-basin located in the Bonaparte Basin offshore northwestern Australia.
The permit is located approximately 80 kilometers southwest of the commercial Jabiru and Challis oilfields and approximately 25 kilometers from the Skua oilfield. Initially, AED Oil intends to develop the proved reserves in the Puffin Field (comprising the accumulations discovered by the Puffin-2 and Puffin-5 wells) and explore Puffin-9, which is located two kilometers from Puffin-2.
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