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AED - AED Oil
- Thread starter lewstherin
- Start date
I had an email reply from the company yesterday which said "As you most likely read in the last quarterly report completion matters for the SIPC/AED JV is progressing well. We expect matters to be completed in the next couple of weeks. Once the transaction is completed we will be progressing towards not only rectification issues but also the further development of the Puffin fields. As per our previous ASX releases The SIPC/AED joint venture provides the Company with considerable capacity (both operationally and financially) to undertake further development. We will release further information on this in due course."
Cheers
Cheers
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These people should not have listed on the ANY stock exchange, neither here in Australia or anywhere else in the world. They are running this 'business' like a groceries corner store and obviously haven't got a clue on how to proceed from here. They are desperately awaiting the arrival of these chinese experts to move in and to sort things out. Ex-employees from major resource companies, I can just imagine them receiving their marching orders and then forming the 'All Engrossing Disaster Oil' company. With the oil price shooting higher and higher every day, other energy provider are benefitting from the associated bottom line. Not so AED and who can blame the investment community having lost interest. As I have previously expressed, I am in awe assuming that none of these senior people have lost their jobs due to this disasterous mismanagement. I would love for Sinopec to buy them out completely, so the various directors can accept their golden handshakes and move on to lecturing positions at an Australian tertiary education institution near you. There really is no merit to use the incoming funds to explore more territory in the Puffin field, if they don't have the appropriate drilling and pumping expertise. Which brings me back to the groceries store comparison. If they can't find professorships at universities, why not try promoting already bottled olive and/or other vegetable oils in the aisles of Coles or Woolworth. Just don't turn up wearing a baseball cap..... As you may have detected, having lost in excess of $300K with these jokers and with them not responding to reasonble please for return correspondence, I don't have much respect and time for them AT ALL.
AED Blunder
Been down your road gave Trevor Slater a blasting one day on the phone and told him he was lucky he lives in Melbourne otherwise I would have made a one man protest outside their office for their lack of respect for shareholders god help me if I ever see one of those people in the above picture in the same street as me they nearly cost me my entire savings
in comparison the MD that's running QGC is an example how to run a company because he has respect from shareholders.
cheers laurie
Been down your road gave Trevor Slater a blasting one day on the phone and told him he was lucky he lives in Melbourne otherwise I would have made a one man protest outside their office for their lack of respect for shareholders god help me if I ever see one of those people in the above picture in the same street as me they nearly cost me my entire savings
in comparison the MD that's running QGC is an example how to run a company because he has respect from shareholders.cheers laurie
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Thanks for your contribution, Laurie. It is good to hear that I am not the only one feeling so angry about these people. Their arrogance is just amazing and I never feel bad when the odd character heads off to prison for a few years, as has happened here in Sydney on a few occasions. You and I would have lost our day/night time jobs if we would have performed even just remotely the way they have. You could excuse the odd profit downgrade due to unforeseable developments, but these people have always worked in a bubble. I saw the AED CEO on a Business Sunday program with a prominent finance journalist one day. He was so cocky about his company and the fact based potential. It was only weeks after that when the share price started his downward journey and that the true situation emerged. I have asked Mr. K. if he would mind inviting this CEO again for a follow-up interview, but with the other interests that this 'journalist' holds, he might just have his own agenda (without being able to prove anything). Anyway, what is done is done and I can only hope that I can recoup just a small part of my life savings when Sinopec takes over the general management to leave this bunch to hang out on the various Melbourne golf courses. I would not even task them to update their uninspiring website, something that is long overdue. Once Sinopec takes over, you might even see an Email address added to the site.
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No announcements out but looks like someone must know something.......
Course of sales for yesterday shows plenty of decisive bites right from the open with the SP closing on a high up 18% for the day.
Course of sales for yesterday shows plenty of decisive bites right from the open with the SP closing on a high up 18% for the day.
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Hmmmmm.. up another 16% today and still no official news.
Surely a speeding ticket must be on its way- this does not look like a 'fully informed' market.....
Surely a speeding ticket must be on its way- this does not look like a 'fully informed' market.....
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Indeed its good to see AED slowly climbing back some massive losses that people are holding (myself includled though not massive)
People here are right. The price of oil has skyrocketed and the sp of AED has gone nowhere!!!
They are missing the boat.
Lucky Sino has possibly saved their bacon.
Actually whens the next AED AGM?
Cant wait to get some paperwork asking for us to accept the directors wanting options etc..LMAO.
Might be a few "against" on that one.
If Sino have any sence it will be...utthedoor: for these guys!
People here are right. The price of oil has skyrocketed and the sp of AED has gone nowhere!!!
They are missing the boat.
Lucky Sino has possibly saved their bacon.
Actually whens the next AED AGM?
Cant wait to get some paperwork asking for us to accept the directors wanting options etc..LMAO.
Might be a few "against" on that one.
If Sino have any sence it will be...
utthedoor: for these guys!
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No announcements out but looks like someone must know something.......
Course of sales for yesterday shows plenty of decisive bites right from the open with the SP closing on a high up 18% for the day.
Yeah I got on from the open this morning, too much action in AED area for there not to be good news IMO. AED has hardly moved at all and a 20% run yesterday will be small IMO when the production problems are sorted and we see the debt issues resolved.
That made the decision for me to get back on board easy. Just like INP.
Someone on the Puffin must have their mobile phone on all of the time or there is a serious oil leak of course the speeding ticket issued is as useless as t1ts on a bull has any company admitted we have leaked information!! interesting to see what news we get in the next few days!
cheers laurie
interesting to see what news we get in the next few days!cheers laurie
Indeed its good to see AED slowly climbing back some massive losses that people are holding (myself includled though not massive)
People here are right. The price of oil has skyrocketed and the sp of AED has gone nowhere!!!
They are missing the boat.
Lucky Sino has possibly saved their bacon.
Actually whens the next AED AGM?
Cant wait to get some paperwork asking for us to accept the directors wanting options etc..LMAO.
Might be a few "against" on that one.
If Sino have any sence it will be...
I stand to be corrected on this but any vote against the board by shareholders may have no effect at all they may say "We note your concerns" in others words stiff sh**
cheers laurie
Re: AED - AED Oil - Reuters
Here is some news - nothing that really tells us anything but increase in activity and SP might make Blunder a little more cheerful....
AED Oil: knows of no reason for share price surge
SYDNEY (Reuters) - Australian oil producer AED Ltd a takeover target of China's Sinopec Group, said on Thursday it was not aware of any reason for a surge in its share price in the past two days.
It made the comments in response to a query by the Australian stock exchange after its shares jumped 17.5 percent to A$3.16 on Thursday, adding to a near 18 percent leap in the previous session.
Sinopec's Hong Kong-listed unit Sinopec Corp agreed in March to buy a majority stake in assets of AED for A$600 million ($556 million), marking China's first oil acquisition in resource-rich Australia. An AED spokesman said earlier on Thursday there was speculation that the Chinese government may soon approve the A$600 million ($560 million) takeover of AED by state-controlled Sinopec Group.
The Australian government's foreign investment review body has already approved the Sinopec deal.
AED became a favorite of investors last year when it said it was likely to have up to 100 million barrels of recoverable oil at its Puffin and Talbot fields off northwest Australia, up sharply from an earlier estimate of 40 million barrels.
But its stock has plunged from a record A$11.40 in October as technical problems slashed output from Puffin North East to just 6,000-10,000 barrels per day (bpd), well short of its initial forecast of 30,000 bpd.
The stock took a further hit in February after Norwegian oil services firm AGR Group said AED was overdue in paying an AGR subsidiary about A$41.5 million.
Here is some news - nothing that really tells us anything but increase in activity and SP might make Blunder a little more cheerful....
AED Oil: knows of no reason for share price surge
SYDNEY (Reuters) - Australian oil producer AED Ltd a takeover target of China's Sinopec Group, said on Thursday it was not aware of any reason for a surge in its share price in the past two days.
It made the comments in response to a query by the Australian stock exchange after its shares jumped 17.5 percent to A$3.16 on Thursday, adding to a near 18 percent leap in the previous session.
Sinopec's Hong Kong-listed unit Sinopec Corp agreed in March to buy a majority stake in assets of AED for A$600 million ($556 million), marking China's first oil acquisition in resource-rich Australia. An AED spokesman said earlier on Thursday there was speculation that the Chinese government may soon approve the A$600 million ($560 million) takeover of AED by state-controlled Sinopec Group.
The Australian government's foreign investment review body has already approved the Sinopec deal.
AED became a favorite of investors last year when it said it was likely to have up to 100 million barrels of recoverable oil at its Puffin and Talbot fields off northwest Australia, up sharply from an earlier estimate of 40 million barrels.
But its stock has plunged from a record A$11.40 in October as technical problems slashed output from Puffin North East to just 6,000-10,000 barrels per day (bpd), well short of its initial forecast of 30,000 bpd.
The stock took a further hit in February after Norwegian oil services firm AGR Group said AED was overdue in paying an AGR subsidiary about A$41.5 million.
Guys I wouldn’t necessarily see Sinopec’s acquisition of AED as necessarily a profitable one. The acquisition of AED may be a favourable way for Sinopec to position its way into the Australian oil industry and possibly purchase further Australian or Timor Sea/NW shelf assets and exploration acreage. In other words buy mopping up and helping out an Australian oil company, the government may be more leant towards them in regards to acquiring other Australian oil and gas assets, plus when tendering for new exploration permits. AED producing >20,000BOPD, while I won’t write it off in the future, I don’t think you should be working on those kind of figures when considering your investment in AED. You have to understand that management is dodgy as all hell and the 100MMBOE figure they previously stated could be way off the mark in terms of its recoverable reserves. Again as I have noted time and time before trying to understand the fundamentals of this company is a joke, management is shocking and hence why I will stay well away. 
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It just depends which way you look at it, if the JV goes through AED after debts and expenses will have 350 million cash balance. This will represent around 2.27 cash backing per share.
If they can secure flow rates between 15-20 000 per day then net to AED at 40% will be 6 - 8 000 barrels per day. This will be very positive for the company.
I think that AED should have gone in a JV to the field development originally in case something like this occured. As it was they now have to work from the ground up instead of the other way around.
SIPC will then take over operations of the field, which from past successes or failures would be a good thing! Maybe AED tried to grow to far to fast and were extremely leveraged going into the production last year, which killed them when flow rates fell.
If they can secure flow rates between 15-20 000 per day then net to AED at 40% will be 6 - 8 000 barrels per day. This will be very positive for the company.
I think that AED should have gone in a JV to the field development originally in case something like this occured. As it was they now have to work from the ground up instead of the other way around.
SIPC will then take over operations of the field, which from past successes or failures would be a good thing! Maybe AED tried to grow to far to fast and were extremely leveraged going into the production last year, which killed them when flow rates fell.
