AED - AED Oil

[Skip1jz]

It's suprising (although it shouldn't be considering we are talking AED) that they have not yet released any news or plans on where they are heading with Puffin e.g. negotiations on a new FPSO contract, correct me if im wrong but I havent seen anything. Looks as if the apparent technical problems of the old FPSO may be used as AED's scapegoat for the poor performance of the well.

 

[jimski]

I've read the report. $100 mil cash balance after Nexus returns $35 mil cash deposit. Plans to rebuild value in the company (???) A new field development plan? Something more for the BOD to screw up? What I just don't understand is how any of this can be considered so positive as to give the SP a near on 20% boost. What have I missed? Have they made a new find? Have they got production on stream again? I just don't get this company at all. :horse::horse:

 

[Skip1jz]

May be a new find. You can see back in May the stock ramped just before the release of the Hydrocarbon Discovery news at Great Auk-1. Perhaps we will see an announcement tomorrow.

 

[Nero64]

What I just don't understand is how any of this can be considered so positive as to give the SP a near on 20% boost. What have I missed? Have they made a new find? Have they got production on stream again? I just don't get this company at all.

Yeah it's hard to tell. The action started shortly after lunch. Then increasing in momentum after 3.00pm. Perhaps some funds buying in, but I doubt it as the numbers are too low. Except at 3.52pm at .69c and order for 208k.

Maybe it could be just relief as more transparency is revealed in those reports. It wasn't a great year but their cash position is still good. Debt certainly manageable.

Did any option expiry's happen today?

Oil did go up $3 overnight but didn't notice any rally across the sector.

Will look out for something in the next few days.

 

[AED Blunder]

Watch out........ AED has just announced that it will become active in Asia from 2010. More potential for huge stuff ups and above all, some additional capital raisings. Don't be surprised if they are knocking on your door again soon. Does anyone know how much a golf club membership costs in Brunei?

:bananasmi

 

[Aargh!]

Watch out........ AED has just announced that it will become active in Asia from 2010. More potential for huge stuff ups and above all, some additional capital raisings. Don't be surprised if they are knocking on your door again soon. Does anyone know how much a golf club membership costs in Brunei?

:bananasmi

I think the cost of a golf club membership in Brunei would be more than the bribe required to get you out of jail for committing murder..............

Disclaimer: that was a joke

 

[AED Blunder]

..... Financial crisis!, what financial crisis? Any problems in the Gulf Region? Let AED sort things out, they are experts with this kind of thing. Let's just borrow some more money, sign another contract and of course, that golf club membership. Anyone for a capital raising? Going cheap ......

:thankyou:

 

[Douding]

At least for now, AED is heading for a rebound. Besides, it is pretty cheap given 90 millions cash in hand.

50MA 0.595
100MA 0.64

Let's see if it can cross the 100MA...

 

[Wysiwyg]

What's happening with the $60 million claim against AED from the Sea Production FPSO mob? The West Atlas oil spill doesn't bode well for any drilling around there at the moment either.

 

[Douding]

What's happening with the $60 million claim against AED from the Sea Production FPSO mob? The West Atlas oil spill doesn't bode well for any drilling around there at the moment either.

Is the 60 million claim against AED only or against Puffin Joint Venture? If it is the later case, then AED at the maximum (if the case fails) need to pay 24 million plus 40% of the legal fee...?

 

[Wysiwyg]

Is the 60 million claim against AED only or against Puffin Joint Venture? If it is the later case, then AED at the maximum (if the case fails) need to pay 24 million plus 40% of the legal fee...?

Hello, from what I can gather it is AED the company. The Brunei deal can't be far away and it looks like $3 million up front and 24 million fpo's which at 60c (don't know the price probably VWAP) equals $14,400,000. Drilling in the first half of 2010 if all goes to plan, LoL.

Wants compensation.

AED is a 100% subsidiary of AED Oil Limited, a public company which is listed on the Australian Stock Exchange. AED Oil Limited is a 40% joint venture partner in the Puffin Field, offshore North‐western Australia. The field operator and owner of the remaining 60% of the joint venture is East Puffin Pty Limited (“EPPL”), a wholly‐owned subsidiary of China petroleum & Chemical Corporation (Sinopec). The Front Puffin FPSO went on charter to AED on 5 June 2007 for an initial two year term and achieved first oil on 6 October 2007. On 15 September 2008, AED and EPPL agreed with Puffin FPSO Ltd to extend the charter for a further year until 15 June 2010.

http://otc.nfmf.no/public/news/10828.pdf

 

[jimski]

Is the dog waking up?

I've been in this stock for several years. Made more money than I have lost by selling on the way down from dizzying heights of $10+ but stupidly kept hold of a bunch and have been waiting ever since for the baseball cap golfing incompetents that run this company to return some value. I note the Brunei development and high volume rise of 8%+ today. Is this old dog waking up or is it just another false dawn? Any and all opinion would be welcome as I only have half an eye on this one.

 

[Wysiwyg]

Block L, Brunei

Brunei is one of Asia’s most prospective hydrocarbon regions and is currently Asia’s third largest oil and gas producer. AED South East Asia Limited (a wholly owned subsidiary of AED) has a 50% operator interest in Block L in Brunei (Figure 3). Block L covers an area of approximately 2,200 sq km and is mainly onshore. The billion barrel Seria oil and gas field is located approximately 20km from the boundary of Block L. Additionally, a large gas field (Bubut) was recently discovered on an adjoining block near the boundary of Block L.

Brunei exploration well has spudded and some information on the block. Can't see the State giving away a baby elephant in Block L so might be a case of so close yet so far with these wells. "Baseball cap golfing incompetents aside".

As evident on the accompanying charts there was no pre-spud price run-up but the SMI has converged with Signal after the recent price reversal. Additionally, a longer term symmetrical triangle is evident.

31 days of speculation.

 

[Slipperz]

Two weeks into the drill and the SP has finally caught some traction albeit on very low volumes.

Worth a speculative flutter at this stage of proceedings imho

 

[Slipperz]

Woohoo Success!


"AED Oil (AED) reports drilling operations at the Lukut-1 well, Brunei, have intersected possible reservoirs.

The Lukut-1 well recently reached its extended target depth of 2230m and an extensive logging program will be initiated today including wire line logging and sampling to evaluate the well, and determine the extent and nature of the hydrocarbons.

The Lukut prospect is defined as a three-way fault structural trap, with the Lukut-1 well targeting shallow water delta front sands in the Belait Formation.

Pending the outcomes of logging, the Lukut-1 well could be suspended. "


I hope the reservoir is very very big!

 

[Slipperz]

I wonder if the analysts are working overtime on the wire logging samples to get a good announcement out before the impending bloodbath on Monday.

It would certainly help mitigate any negative market sentiment if we have a commercial discovery on our hands here.

Interestingly the jvp with a 40% interest Kulczyk Oil Ventures has seen a rocket under it's share price on the Warsaw exchange on the news whereas here the market has been unimpressed.

http://www.gpw.pl/wykresy/wykres.asp?ticker=KOV

 

[Slipperz]

I've been wondering why the drill went past it's anticipated total depth of 2125 metres down to 2230 metres

105 metres to be exact.

Did they intersect a reservoir at 2125 metres and drill to the base?

That's a 105 metre column of oil.

Surely if the reservoir had already been intersected drilling would of ceased so why go deeper?

Decided to put a bit more weight on the wire logging results and hung my order out this afternoon for 50 cents and noone would sell any. On a day like today!

So I upped my bid to 51 cents and got a few more. There ended the days trading in a mexican standoff.

Me with a partly filled order unwilling to go up another half cent and noone coming down to sell to me.

If the news is good tomorrow half a cent is going to look like nothing but I wasn't going to chase anything on a day like today :

 

[laurie]

I hope this is not going to be another Puffin because failure here is only going to run the bank account down!

cheers laurie

 

[Slipperz]

I hope this is not going to be another Puffin because failure here is only going to run the bank account down!

cheers laurie

I think we have a success!

:bananasmi:bananasmi:bananasmi:bananasmi:bananasmi

http://www.asx.com.au/asxpdf/20100608/pdf/31qr63lgs5b082.pdf

 

[Wysiwyg]

So the first exploration well turned up traces of gas at various zones along with increased gas traces at planned depth which prompted extending total drill depth. Now onto the second exploration well at Lempuyang which according to AED ...

The Lempuyang-1 drilling program will target larger and deeper oil and gas prospects than Lukut-1.

It does appear this next well holds AED's best chance of commercial success.

It is of interest that the two nearest off‐set wells to Lempuyang‐1 (Birau‐1 and ‐2) both encountered significant gas kicks at the top of this package before drilling was halted.

TAP oil and KOV are two other new players on the block with the attraction of nearby large commercial oil/gas production surely to be the drawcard but Mr. Ulmer's words below go along with all oilers I say.

Kulczyk Oil Ventures, a Canadian oil group with a big stake in both Brunei blocks, says it estimates total prospective resources at about 80m boe in Block L and about 60m in Block M.

Kulczyk, controlled by Polish businessman Jan Kulczyk, is preparing for a $265m initial public offering on the Warsaw Stock Exchange next month.
Back in the jungle, the oil men are more cautious. “There is a chance that we won’t get our money back,” says Mr Ulmer.
“We’ve spent $50m, we may spend another $30m, and we may not find enough oil to recover that.
“We will find oil, we know there’s oil there, but it may not be in commercial quantities.”