Oil Reserves at Puffin Larger Than First Estimated

AED oil has successfully drilled a gross horizontal section in the LK1a oil reservoir in the Puffin-7 well from 2513m to 3118m, a length of 675m net of which 635m was net oil bearing LK1a sandstone. As clean oil bearing sand was encountered through out of the previously planned length of 400m the horizontal section of the well was extended. This section represents possibly the longest horizontal well in the Timor Sea drilled to date.

The preliminary results which have been reviewed by independent technical consultants indicate that Puffin-7 reserves equal or exceed the previously estimated P90 reserves of 7.6 million barrels with scope to increase reserves in all categories (P90, P50 and P10).

A detailed study has commenced on the Puffin Field to integrate results of the Puffin-9 discovery and Puffin-7 well results into the overall field planning. This study will include reprocessing of the 3D seismic data over the Puffin Field. The results of this study will culminate in an updated reserves statement covering Puffin-7, the new discovery Puffin-9 and the potential reinterpretation of Puffin-8 and is anticipated to take up to six months to complete.

AED Executive Chairman David Dix states: "We are very pleased with the results of Puffin-7 which continues our success first evidenced by the Puffin-9 exploration discovery. The results provide encouragement on the potential of the Puffin field as solid base for the Company's long term future."

AED Managing Director Ken Tregonning states: "The real time logging combined with the horizontal drilling of such a long section allow us to understand the reservoir in a way impossible from a conventional vertical well. This has given us invaluable insight into the quality and extent of the reservoir and its future potential."

The well is being completed for production as the first well of the Puffin Field development. Clean up flows and testing of the well will be carried out over the coming weeks. Production testing results from the well are anticipated in two weeks, assuming uninterrupted operations.

The well is being drilled by the Stena Clyde semisub and managed by Peak. Water depth at the location is 103 meters.

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