Puffin-11 Sings for AED, Sinopec JV
AED Oil has reported that drilling at the primary SW1 target in the Puffin South West in the Timor Sea offshore Australia has successfully intersected an oil bearing Puffin sand at 2,013 meters true vertical depth subsea. Preliminary results indicate that a column of movable oil exceeding 20 meters true vertical has been intersected.
AED's joint venture partner and Operator, East Puffin Pty Ltd. is currently assessing the rock quality, permeability and porosity.
The Wilcraft jackup is drilling the well, and water depth is 86.6 meters. The rotary table elevation is 31.2 meters above the sea level. Weather conditions at the drilling site are good.
The Puffin-11 exploration well is the first of a two-well program, one in the southwest of the Puffin field and the other, Puffin-12, in the northeast.
The oil field contained within AC/P 22 and AC/L6 in the Timor Sea has been named after the Puffin sea bird. Historically, the Puffin fields produce a light sweet crude (API 43.8), and AED commenced oil production at Puffin in October 2007.
In March 2008, AED entered into a joint venture agreement selling a 60% interest of the Puffin and Talbot oil fields to Sinopec International Petroleum Exploration and Production Corporation (SIPC), the second-largest oil company in China. Under the terms of the JV agreement, SIPC through its wholly owned subsidiary, East Puffin Pty Limited will operate the Puffin and Talbot field.
As a result of the funds received in transacting the AED/SIPC JV, AED now has the financial capacity to continue to develop the Puffin and Talbot fields and to seek additional interests in the Asia Pacific region.
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