East Puffin JV Discontinues Completion of Oil-Bearing Puffin Well

The Puffin-12 ST3 well has intersected the Puffin LK1A sands at approximately 2033 meters TVDSS (True Vertical depth Sub-Sea). Initial assessments indicate that the sand at this location is oil bearing however the oil column does not have sufficient thickness to warrant completion. Current oil price and economics have also been taken into consideration.

East Puffin (the Joint Venture operator) and AED will now evaluate further targets for drilling in the NE region but in the meantime the Puffin NE-12 well will be suspended.

Puffin-12 is situated in the northeast of the oil field contained within AC/P 22 and AC/L6 in the Timor Sea which has been named after the Puffin sea bird. The Puffin-12 well is the second of a two-well program, the first of which is located in the southwest of the Puffin field.

Historically, the Puffin fields produce a light sweet crude (API 43.8). Oil production commenced at Puffin in October 2007.

The joint venture in now likely to undertake remediation work on the Puffin-7 well and possibly the Puffin-8 well in the second quarter of this year. Planning for this should be finalized towards the end of January 2009.


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