EasyBourse
Monday September 4th, 2006 / 5h17
MELBOURNE -(Dow Jones)- Australian oil explorer AED Oil Ltd. (AED.AU) Tuesday said that appraisal work has boosted the resource estimate at its Puffin oil field by seven times.
AED said based on recent drilling results and seismic survey information the estimate of oil in place at Puffin North East in the Timor Sea has soared to 90 million barrels from 13 million barrels.
The Melbourne-based company is 100% owner of the field and plans to start production early in 2007 with initial flow rates of 18,000 barrels a day.
"More work needs to be done to convert the new understanding of the Puffin field into proved reserves, but we are very confident that evaluation work on the drilling, engineering and seismic data will allow us to quickly upgrade the Puffin field into a significant oil producing province," chairman David Dix said.
AED shares are 22% higher at A$3.00 in early afternoon trade.
-By Alex Wilson, Dow Jones Newswires
-Edited by Ian Pemberton
terça-feira, setembro 05, 2006
AED Oil Shares Soar On Timor Sea Reserves Boost
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04-09-2006 22:00:00. Fonte LUSA. Notícia SIR-8307936
Temas:
East Timor: PM praises predecessor's role in fixing oil deal with Australia
Dili, Sept. 4 (Lusa) - Prime Minister José Ramos Horta paid tribute Monday to the negotiating skills and tough stance of his predecessor, Mari Alkatiri, in talks with Australia on the carving up of oil and gas resources in a disputed area of the Timor Sea.
Speaking in Dili after a three-way meeting of foreign ministers from Timor, Indonesia and Australia, Ramos Horta described the accord signed in January this year, after two years of frequently stalled and vexed negotiations, as "a job well done".
Alkatiri, head of the Timor's dominant Fretilin party, stood down as government chief in June after a simmering power standoff with President Xanana Gusmão, who fingered his prime minister and some government ministers as being largely to blame for the country's slide into bloodshed and anarchy this year.
Under the bilateral oil pact, Timor agreed to maintain the maritime boundary as it currently stands for 50 years in return for Australia offering to split revenue from the Greater Sunrise project on a 50/50 basis.
It is estimated that Dili's depleted state coffers could net some USD 14.5 billion over the next 10 to 20 years in the oil exploration zone concerned - separate from Dili and Canberra's Joint Petroleum Development Area (JPDA).
JCS/CJB.
Lusa
04-09-2006 22:00:00. Fonte LUSA. Notícia SIR-8307936
Temas:
East Timor: PM praises predecessor's role in fixing oil deal with Australia
Dili, Sept. 4 (Lusa) - Prime Minister José Ramos Horta paid tribute Monday to the negotiating skills and tough stance of his predecessor, Mari Alkatiri, in talks with Australia on the carving up of oil and gas resources in a disputed area of the Timor Sea.
Speaking in Dili after a three-way meeting of foreign ministers from Timor, Indonesia and Australia, Ramos Horta described the accord signed in January this year, after two years of frequently stalled and vexed negotiations, as "a job well done".
Alkatiri, head of the Timor's dominant Fretilin party, stood down as government chief in June after a simmering power standoff with President Xanana Gusmão, who fingered his prime minister and some government ministers as being largely to blame for the country's slide into bloodshed and anarchy this year.
Under the bilateral oil pact, Timor agreed to maintain the maritime boundary as it currently stands for 50 years in return for Australia offering to split revenue from the Greater Sunrise project on a 50/50 basis.
It is estimated that Dili's depleted state coffers could net some USD 14.5 billion over the next 10 to 20 years in the oil exploration zone concerned - separate from Dili and Canberra's Joint Petroleum Development Area (JPDA).
JCS/CJB.
Lusa
More oil will mean more conflict to East Timor in order to allow australians steal more East Timor oil in borad day light like what USA does to Irak.
Tradução:
Acções da AED Oil sobem com aumento das reservas do Mar de Timor
EasyBourse
Segunda-feira Setembro 4, 2006 / 5h17
MELBOURNE -(Dow Jones)- O explorador de petróleo Australiano AED Oil Ltd. (AED.AU) disse na Terça-feira que o trabalho de avaliação aumentou o recurso estimado no seu campo de petróleo Puffin sete vezes.
A AED diz que com base em resultados recentes de perfuração e de informação de análise sísmica a estimativa de petróleo existente em Puffin Nordeste no Mar de Timor subiu para 90 milhões de barris dos 13 milhões de barris.
A companhia baseada em Melbourne é dona a 100% dos campos e planeia começar a produção cedo em 2007 com cálculos iniciais de fluxo de 18,000 barris por dia.
"É necessário fazer mais trabalho para converter o novo conhecimento do campo Puffin em reservas provadas mas estamos muito confiantes que o trabalho de avaliação na perfuração, engenharia e informação sísmica permitirá rapidamente actualizar o campo Puffin numa província produtora de petróleo significativa," disse o director David Dix.
As acções da AED estão 22% mais altas em A$3.00 na transacção do início da tarde.
-Por Alex Wilson, Dow Jones Newswires
-Editado por Ian Pemberton
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