To meet some of the initial cashflow requirements of the Puffin-10 drilling program, AED has placed 2,000,000 fully paid ordinary shares at an issue price of $7.70 raising $15.4 million. The funds will be utilized for ongoing developments works and working capital. The issue price represented a 5% discount to the prevailing AED share price ($8.26) at the time of negotiating the share placement. AED pays no fees for the placement.
Puffin NE Installation and Production
AED wishes to advise that testing and pre-commissioning works at Puffin NE is continuing. First oil production is expected within the next couple of days following full testing of the FPSO under operating conditions. Production from the field will commence by initially bringing Puffin-8 gradually up to production levels. Puffin-8 will then be shut in while the process is repeated for Puffin-7. Upon the satisfactory commissioning both Puffin-8 and puffin-7 will be opened to facilitate combined production. Production levels are expected to reach full operating levels within 2 weeks.
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