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AED - AED Oil

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Laurie: good stuff. Please post back any response on that email. It would be nice to know the latest on this. I assume it's going ok, but you never know.
 
http://uk.reuters.com/article/oilRpt/idUKSP1338620071004

SINGAPORE, Oct 4 (Reuters) - The start of oil production at Australia's Puffin field is imminent, an official at independent company AED Oil (AED.AX: Quote, Profile, Research) said on Thursday, following delays to the launch.

"We expect to start imminently," Trevor Slater, general manager of marketing at AED, said by phone. "It's certainly not weeks away now."

The field was now undergoing testing, Slater said.

Puffin oilfield in the Timor Sea will produce between 25,000 and 30,000 barrels per day, AED has said previously.

The field, the biggest addition this year to Australia's struggling oil output, was initially expected to come onstream in 2006, but the start-up was delayed to this summer and then to mid-to-late September.

The new crude, Puffin North East crude oil, has an API gravity of about 44 degrees and a sulphur content of 0.05 percent, making it similar to Asian benchmark Tapis crude.
 
gfresh said:
Laurie: good stuff. Please post back any response on that email. It would be nice to know the latest on this. I assume it's going ok, but you never know.
Click to expand...

Slight leak on christmas tree something to do with annulus valve not that I would know what that means was told not long to go

cheers laurie
 
SP today
AED $9.53 +$0.12 +1.28% with high of $9.60 and low of $9.43 55,445 shares $527,354 @ 05-Oct 11:09:59

ASX ANN today
05/10/2007 General Update
http://www.asx.com.au/asx/statistics/showAnnouncementPDF.do?idsID=00766931

General Update

Puffin-10 Puffin SW – Drilling Program
AED (AED or the Company) advises that the Wilcraft drilling rig will be mobilized on Saturday 6 October 2007. Puffin-10, a production well is located in the Puffin SW region and is scheduled to spud on Wednesday 10 October 2007. The jack up rig will operate in water depths of 84 meters. The primary objective of the well is to drill and complete a horizontal section 200 m+ of reservoir interval within the Upper Cretaceous (UK1a) sands. The well is expected take to approximately 55 days to drill and complete. Production from Puffin-10 will be directed through the Modec Venture (MV1) FPSO. Production from Puffin SW is expected to commence in the first half of 2008

To meet some of the initial cashflow requirements of the Puffin-10 drilling program, AED has placed 2,000,000 fully paid ordinary shares at an issue price of $7.70 raising $15.4 million. The funds will be utilised for ongoing developments works and working capital. The issue price represented a 5% discount to the prevailing AED share price ($8.26) at the time of negotiating the share placement. AED pays no fees for the placement.

Puffin NE Installation and Production
AED wishes to advise that testing and pre-commissioning works at Puffin NE is continuing. First oil production is expected within the next couple of days following full testing of the FPSO under operating conditions. Production from the field will commence by initially bringing Puffin-8 gradually up to production levels. Puffin-8 will then be shut in while the process is repeated for Puffin-7. Upon the satisfactory commissioning both Puffin-8 and puffin-7 will be opened to facilitate combined production. Production levels are expected to reach full operating levels within 2 weeks.
 
Latest update....

"Puffin NE Installation and Production
AED wishes to advise that testing and pre-commissioning works at Puffin NE is
continuing. First oil production is expected within the next couple of days following full testing of the FPSO under operating conditions. Production from the field will commence by initially bringing Puffin-8 gradually up to production levels. Puffin-8 will then be shut in while the process is repeated for Puffin-7. Upon the satisfactory commissioning both Puffin-8 and puffin-7 will be opened to facilitate combined production. Production levels are expected to reach full operating levels within 2 weeks.

Trevor Slater
Company Secretary"

On the edge of my seat waiting for first oil, but it reminds of the movie Annie...."tomorrow is always a day away".
 
Share price for AED has taken off +$0.44 +4.68%

AED $9.85 +$0.44 +4.68% high of $9.85 146,986 shares $1,417,795 @ 05-Oct 11:45:36
 
Have got the champagne bottle ready to open, looks like Monday may be the official first oil flow for production from being an explorer

cheers laurie
 
SP has reached $10.00 today and is currently trading at $9.95. No need to wait until Monday to bring out the champers.
 
greenfs said:
SP has reached $10.00 today and is currently trading at $9.95. No need to wait until Monday to bring out the champers.
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Yep right there thought last trading day before official announcement of oil was the only chance of getting below $10 THEN AGAIN the way the markets are at the moment it may retrace back slightly

cheers laurie
 
No champagne for me but have just cracked a nice cold beer . Grabbed a few more of these guys this mornin
 
Congrats to all holders for holding through all the delays and corrections.
Hope everthing runs to plan and the flows maintain strongly for the first 6 months, then we could see your $20 when the SW comes online.

Thats why AED waited, to announce an update with the spudding news too.
 
been a while so I thought I'd post a chart considering AED smashed through the $10 barrier today - next week should also be bullish with first oil imminent
 

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12 months ago I posted that AED was heading for $12. The price was $3.00 a share at the time. WE are now at $10 per share.

A few guys have emailed me to ask how I knew this.

I wasnt just making numbers out of the air.

12 months ago UBS went to visit AED and they ran the numbers on the project. And their valuation was $12.00 at the time. Obviously oil has increased in price and energy as a whole has been moving.

UBS are still bullish on AED, but as per the rules I will not be posting a target price.

Target prices are floated around a lot by brokers on reports, and on company websites.

I have found that the broker reports which are free, are not worth considering.

UBS obviously have very rich clients, and they make a lot of money by not giving away information.

I would imagine FMG had the same unpublished broker reports and recommendations that were not easily available to the public.

Its only been a short time for AED, will be interesting to see the future in 3-5 years.

Stocks like AED where there is a resource involved, can have great rewards if you can get the right information at the right time. A friend bought OXR at 10 cents and was told to hold for life. He sold at 50 cents. Good profit. I guess thats the difference between good investors and great investors.
 
While I agree with what you are saying Ken hindsight also is a wonderful thing I have said many times when shares go up we say we did not buy enough and when they crash we bought too much not to mention the fear and greed factor oh well interesting to see if there is an pre-open announcement from AED hopefully the weekend gave them time to check for any further leaks,equipment failure etc

cheers laurie
 
WE have oil!!!
Puffin- NE Development
AED (AED or the Company) advises that the Puffin North East Development has
commenced production, with first hydrocarbons from Puffin-8 reaching topsides at
16.21 hours last Saturday, 6 October.
Puffin-8 has been producing up to around 12,000 stb/d on a ¾ inch choke before
being shut in, and Puffin-7 has subsequently been commissioned, reaching a maximum
rate of around 16,000 stb/d over night.
Currently, the flow from both wells is being combined and the plan is to gradually
increase the total flow through the process facilities to the interim commissioning
rate of 27,000 stb/d late today, before progressing to stabilized production rate.
Puffin SW drilling Update
Further to the ASX release on 5 October 2007 the Company advises that the Wilcraft
drilling rig is now on location and is in preparation to commence drilling the Puffin-10
production well located in the Puffin SW region.
 
Great news to wake up to indeed !

This makes life a little easier after the Wallabies loss...

As discussed in previous posts, hindsight is a wonderful thing, but yes indeed what is the future for AED?! With Oil production now on a worldwide downturn (from previous historical production flows), prices doubling and keep doubling with record highs, you can't help feel optimistic.

However, I would like to know if anyone can quote other similar Oil producers out there of the same magnitude of AED. I keep thinking of Woodside and they obviously started somewhere - can only think of the possibilities for AED - a great start with Puffin, but what about other future prospects elsewhere in the world ?!?

There's heaps of other Oil wannabes out there, and I guess its up to the speculators of who/where will be the next big thing....

Any comments on these few points appreciated.
 

SP looking great today with high of $10.37

SP currently AED $10.11 +$0.08 +0.80% 152,647 shares $1,559,528 @ 08-Oct 11:11:24
 
Seems to me by that announcement that the total flow may exceed the 30,000 boo/day that they predicted unless they throttle the flow back to their desired flow rate by balancing Puffin-7 & Puffin-8

cheers laurie
 
Amazing absolutely amazing what the market expected 6million barrels of oil on first day!like I said I give up working the market out

cheers laurie
 
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