AED Oil has announced that Sinopec International Petroleum Exploration and Production Corporation (SIPC), a wholly owned subsidiary of China Petrochemical Corporation (Sinopec), and AED have completed SIPC's acquisition of a 60% joint venture interest in the assets held under AC/P22, AC/L6 and AC/RL1. SIPC will operate the joint venture through an Australian wholly owned subsidiary, East Puffin Pty Ltd, to be based in Melbourne.
SIPC paid $561 million (approximately A$600 million) cash at completion, resulting in AED having a significant net cash balance in excess of A$350 million).
This announcement follows the receipt of all necessary approvals from the People's Republic of China (PRC) Government and approval and registration of the acquisition by the designated authority (NT Government).
"This is a major step forward for the company," said AED Chairman David Dix. "We are very pleased to have formed this important joint venture with SIPC, a global leader in the oil and gas sector. Following this transaction, AED now has the financial capacity and ownership structure to expedite the future development of the assets in conjunction with SIPC. This will include the ongoing developments of the Puffin Field and pursuit of future opportunities to expand AED's asset base."
"SIPC is delighted to expand its E&P operations in Australia by completing this landmark transaction in Australia," said Mr Geng, VP of SIPC and Chairman of East Puffin. "We look forward to working in partnership with AED as the operator of this exciting project.">/p>
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