AED Announces Discovery at Puffin-9

AED Oil reports that two oil zones have been discovered in the Puffin-9 well, located in permit blocks AC/P22 offshore Australia.

"This is a positive outcome for AED which is now entering a very exciting stage of its brief history," said David Dix, AED's executive chairman. "Companies often drill for years without making a discovery and AED is fortunate to have made one with our first exploration well."

AED's announcement is based on drilling results including wireline and electric logs, cuttings, shows, wireline pressure data as well as oil samples collected from both zones. The oil zones were in the primary targets of the wells as follows:

  • Six meters of oil is interpreted in the UK1a sandstone. AED noted that the discovery is likely a separate oil accumulation from that identified in Puffin-2 approximately 1.8 kilometers to the north, but it is now interpreted to be part of the same Puffin Field.
  • In the LK1a sandstone, 3.8 meters of oil are interpreted. Although the discovery is a separate accumulation from that identified at Puffin-5 approximately 10 kilometers to the northeast, it is now interpreted to be part of the same Puffin Field.

"Technical evaluation is underway to define reserves for the Puffin-9 discovery," said Ken Tregonning, managing director of AED. "The drilling results represent the first oil discovered in this region of the Vulcan Graben and underscores the prospectivity of this area. All other Puffin wells have been drilled to the north on the Puffin horst block."

The Stena Clyde drilling rig, which drilled Puffin-9, has now moved to the Puffin-7 production well where drilling has commenced.

AED has a 100-percent interest in AC/P22, which is in the Ashmore Cartier Exploration Permit area of the Vulcan Sub-Basin, located in the Bonaparte Basin of northwestern Australia. The permit is located approximately 80 kilometers southwest of the commercial Jabiru and Challis oil fields and approximately 25 kilometers from the Skua oilfield.

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