AED: Recoverable Oil up to 100 Million Barrels

AED Oil is likely to have up to 100 million barrels of recoverable oil. The company is in the process of reviewing its petroleum development assets, the 100% owned Puffin and Talbot fields. Based on the results to date, indications are that the company is likely to recover in excess of 100 million barrels from these fields, which include the Puffin North East region (NE1 and NE2). Puffin South West (SW1 and SW2) and Talbot, subject to suitable field development. The company also remains optimistic that additional development targets and exploration prospects will be identified in ACL/6 and ACP/22.

AED Oil was listed in 2005 with a like recovery from ACP/22 of 11 million barrels. The drilling of three wells (Puffin 7, 8 and 9) and extensive technical studies, based on reprocessing and reinterpretation of two 3D seismic surveys has led to a significant increase in mapped and potential recovery.

AED Oil is likely to commence production from the Puffin field (NE1) in August 2007.

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