Sinopec Extends East Puffin FPSO Contract to 2010

The Board of Sea Production is pleased to announce that East Puffin Pty. Ltd. has declared a 1 year option to extend the hire of Sea Production's Front Puffin FPSO from June 16, 2009 to June 15, 2010.

The Capex Day Rate for the 1 year option is US $165,000 per day plus a production tariff of US $1 per produced barrel.

The Puffin Field is operated by Sinopec which acquired a 60% share in the AC/P22 Exploration Permit (and the AC/L6 Production Licence), effective April 2008 – AED Oil Ltd. retains a 40% share. The field is located in the Puffin Southwest region offshore Australia.

EPPL is currently drilling an appraisal/development well at the Puffin Field with Premium Drilling's Wilcraft jackup, to be followed immediately by a second appraisal/development well.

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