AED Welcomes New CEO
Thursday, April 28, 2011
AED Oil Ltd.
AED announced the appointment of Mr. John F. Imle, Jr. to the role of Chief Executive Officer, effective May 1, 2011. John was invited by the AED Board to take the CEO position in order to strengthen the operational and technical focus of the Executive team and manage the critical next stages of AED's significant exploration, appraisal and development programs. His immediate priorities are to augment the existing management team, direct value adding programs and attract the additional capital required for enhancing the value of the Company's assets. John will also continue in his role as a Director of the Company.
John originally joined the Board as Nations Petroleum's representative in early 2010, following AED's acquisition of Nations' assets in Indonesia (Rombebai and South Madura PSCs) and Brunei (Block L). John's appointment as CEO is concurrent with John stepping down from his role at Nations Petroleum. He has operational knowledge of AED's assets in Brunei and Indonesia and, as a petroleum engineer, brings over 40 years' experience in the oil and gas industry to the post. His career highlights include operations management and Executive-level positions at the U.S. energy company Unocal Corporation. He became Unocal's Head of Global Oil, Gas and Geothermal and then rose to the ranks of President and Vice Chairman. He served on Unocal's Board of Directors for over 10 years.
"I'm excited about the potential of AED's portfolio," John said. "The recent confirmation of the positive results from our exploration wells in Block L, Brunei should, once appraised and developed, provide substantial cash flow in the medium term. Modern 3D seismic surveys over the Jerudong Oil Field, also in Block L, should lead to early gas and oil production, which supports AED's confidence in the block. In Indonesia, we have recently announced a two-year extension of the exploration contract at Rombebai. We believe there is an opportunity for a gas discovery of LNG scale and that the potential to acquire new 3D seismic in the South Madura PSC, will help identify further potential prospects."
"These opportunities combine to make AED an attractive opportunity for investors and strategic partners alike. I have confidence that with appropriate funding, AED's current Asian portfolio will develop into a significant group of producing assets. This is in addition to AED's Puffin and Talbot Fields in the Timor Sea which, given higher oil prices and advancing technology, should prove commercially attractive. The operator, Sinopec, is reviewing new seismic data and will issue reports and recommendations in the near future."
AED Chairman, Mr. David Dix, welcomed John's appointment, "AED will benefit from John's extensive experience. I am excited about his appointment as he already knows the AED team and Board well and I'm confident he will work successfully with them as the Company continues to enhance its high-impact portfolio. I will assist John during a handover period (approximately three months), after which I plan to continue serving AED in the role of Non-Executive Chairman."
Showing posts with label AED. Show all posts
Showing posts with label AED. Show all posts
Thursday, April 28, 2011
Wednesday, April 20, 2011
AED Receives Extension for Rombebai PSC Contract
AED Receives Extension for Rombebai PSC Contract
Wednesday, April 20, 2011
AED Oil Ltd.
AED announced that AED Rombebai B.V. as 100% operator of the Rombebai Block in Papua, Indonesia has received an extension of the exploration period for its current production sharing contract (PSC) until July 15, 2013.
AED Oil Executive Chairman Mr David Dix said, "This extension is a very positive event for the Company. It provides us with increased certainty of control over an asset with outstanding commercial potential. We believe this certainty will leave us well placed to attract and negotiate with potential farm-out partners who can work with us to develop this world-class prospect."
The Rombebai prospect contains the Gesa structure, which is a world-class prospective resource where AED is targeting in excess of 7 Tcf of gas. In addition to the significant gas potential within Rombebai, we believe there is also the real possibility of a major oil find.
Rombebai has an excellent path to market with the potential to become a major liquefied natural gas development similar to the nearby BP Tangguh LNG development. AED has become increasingly optimistic about Rombebai. Our initial assessment had suggested the presence of biogenic gas only; however recent analysis of previous drilling results suggests the presence of hydrocarbons.
New seismic data and interpretation work has significantly increased the prospectivity of the Gesa structure. Recent studies suggest oil as well as thermal gas potential indicated by oil fluorescence in Gesa 1 and 2, and from oil analyzed in hydrocarbon seeps.
Our 2011 geological and geographical program will focus on reprocessing data and performing detailed AVO studies to better quantify the hydrocarbon type and distribution, as well as sampling oil seeps in the region.
AED plans to recommence farm-out discussions with interested parties, with a view to conducting drilling operations at the Kare-1 well upon obtaining the required forestry permits.
AED believes that the additional time will allow the following activities to be performed before the time at which for a Plan of Development is required to be submitted in respect of the Rombebai Block:
Key terms of the extension are as follows:
Wednesday, April 20, 2011
AED Oil Ltd.
AED announced that AED Rombebai B.V. as 100% operator of the Rombebai Block in Papua, Indonesia has received an extension of the exploration period for its current production sharing contract (PSC) until July 15, 2013.
AED Oil Executive Chairman Mr David Dix said, "This extension is a very positive event for the Company. It provides us with increased certainty of control over an asset with outstanding commercial potential. We believe this certainty will leave us well placed to attract and negotiate with potential farm-out partners who can work with us to develop this world-class prospect."
The Rombebai prospect contains the Gesa structure, which is a world-class prospective resource where AED is targeting in excess of 7 Tcf of gas. In addition to the significant gas potential within Rombebai, we believe there is also the real possibility of a major oil find.
Rombebai has an excellent path to market with the potential to become a major liquefied natural gas development similar to the nearby BP Tangguh LNG development. AED has become increasingly optimistic about Rombebai. Our initial assessment had suggested the presence of biogenic gas only; however recent analysis of previous drilling results suggests the presence of hydrocarbons.
New seismic data and interpretation work has significantly increased the prospectivity of the Gesa structure. Recent studies suggest oil as well as thermal gas potential indicated by oil fluorescence in Gesa 1 and 2, and from oil analyzed in hydrocarbon seeps.
Our 2011 geological and geographical program will focus on reprocessing data and performing detailed AVO studies to better quantify the hydrocarbon type and distribution, as well as sampling oil seeps in the region.
AED plans to recommence farm-out discussions with interested parties, with a view to conducting drilling operations at the Kare-1 well upon obtaining the required forestry permits.
AED believes that the additional time will allow the following activities to be performed before the time at which for a Plan of Development is required to be submitted in respect of the Rombebai Block:
- Drilling and testing and evaluation on the result of the Kare-1
- Drilling further exploratory/delineation well pending results from Kare-1
- Geological and geophysical studies to confirm and certify any hydrocarbon reserves discovered
- Acquisition & processing of further seismic as required.
Key terms of the extension are as follows:
- To continue to perform drilling operations and activities as per the current 2011 approved work program in relation to drilling the exploration well Kare-1 by November 15 2011 (a condition which may be waived if AED has made significant progress in drilling preparations for this well)
- If the exploration well is a "dry well," AED Rombebai B.V. may apply to continue to explore the Rombebai Block for the remainder of the exploration period
- If within the exploration period, AED Rombebai B.V. discovers an economic hydrocarbon reserve to be developed, then AED Rombebai B.V. may submit an additional request for a maximum of a further twelve months effectively for the purpose of determining commerciality of the Block
- AED Rombebai B.V. will relinquish the Rombebai Block if economic hydrocarbons are not discovered during the exploration period
- The term of the PSC remains unchanged at 30 years.
Thursday, April 7, 2011
AED to Plug, Abandon Lempuyang Well
AED to Plug, Abandon Lempuyang Well
Thursday, April 07, 2011
Thursday, April 07, 2011
AED Oil Ltd.
AED advised that the Lempuyang-1 well testing operations are now complete. Continued mechanical issues resulted in the testing program being curtailed, due to safety concerns associated with unintended gas flowing into the well from perforations and/or damaged casing. This is believed to be due to failure of the packer in the well and/or damage to the well casing above the packer. As a result, the Lempuyang-1 well will now be plugged and abandoned.
The Lempuyang-1 well intersected excellent quality reservoir sands, with gas being flowed to surface from two test intervals. Some thin gas sands were interpreted at the lower reservoir test interval (3077-3131.5 mMD – of which 24 meters were perforated). The upper
reservoir test interval (2849-2867.5 mMD – of which all 18 meters were perforated) flowed gas to surface before AED was forced to cease testing due to a down hole mechanical failure and as a result no gas flow rates could be established. The gas analysis from the
upper reservoir test shows higher levels of C1-C8s and lower CO2 compared to the lower reservoir gas sample (<0.5 mole% compared to approx. 5 mole%).
While the testing results are inconclusive, AED notes that the data obtained supports the Joint Venture's optimism in relation to the Lempuyang prospect and surrounding acreage. AED has obtained valuable information regarding the onshore geology of Brunei, within an overpressured environment. As such, the Lempuyang-1 drilling and testing results will be integrated and used for future exploration assessment of the updip area within the eastern part of Block L, where 3D seismic is currently being considered. Further appraisal and
exploration well locations will be identified for drilling in late 2011.
Further to the Company's release of April 1, 2011, the Joint Venture currently anticipates that the following exploration activity will occur at Block L in the near term:
The Lempuyang-1 well intersected excellent quality reservoir sands, with gas being flowed to surface from two test intervals. Some thin gas sands were interpreted at the lower reservoir test interval (3077-3131.5 mMD – of which 24 meters were perforated). The upper
reservoir test interval (2849-2867.5 mMD – of which all 18 meters were perforated) flowed gas to surface before AED was forced to cease testing due to a down hole mechanical failure and as a result no gas flow rates could be established. The gas analysis from the
upper reservoir test shows higher levels of C1-C8s and lower CO2 compared to the lower reservoir gas sample (<0.5 mole% compared to approx. 5 mole%).
While the testing results are inconclusive, AED notes that the data obtained supports the Joint Venture's optimism in relation to the Lempuyang prospect and surrounding acreage. AED has obtained valuable information regarding the onshore geology of Brunei, within an overpressured environment. As such, the Lempuyang-1 drilling and testing results will be integrated and used for future exploration assessment of the updip area within the eastern part of Block L, where 3D seismic is currently being considered. Further appraisal and
exploration well locations will be identified for drilling in late 2011.
Further to the Company's release of April 1, 2011, the Joint Venture currently anticipates that the following exploration activity will occur at Block L in the near term:
- Seismic acquisition at West Jerudong. The Joint Venture plans to begin shooting 130km2 3D seismic over the Jerudong oil field in Q3 2011. This field was previously produced and was shut-in while still on production without being fully depleted. While the field was originally drilled on surface oil seeps and limited 2D seismic coverage; the Joint Venture intends to acquire 3D seismic to accurately map the known fault blocks and to identify additional potential oil prospects (having regard to current oil prices).
- A 3D seismic patch (13km2) and 2D seismic line (13km) east of the Lempuyang-1 well will be acquired to confirm potential structural rollover. Depending on results, an extension to the 3D seismic program of up to 150km2 could be undertaken.
Friday, April 1, 2011
AED Recommences Retesting Preps at Lempuyang Well
AED Recommences Retesting Preps at Lempuyang Well
Friday, April 01, 2011
Testing Update – Lempuyang-1
During the last few days, AED recommenced work in preparation for retesting of the Lempuyang-1 well. During this process, we have continued to experience mechanical and equipment issues with the well and have shut in the well. We will continue to assess the situation and will update the market once further information is available.
Lempuyang Testing Analysis
While the test results have not allowed a complete assessment of the Lempuyang-1 well thus far, AED is still encouraged by the results to date, including:
Friday, April 01, 2011
AED Oil Ltd.
AED Oil updated on its current testing program at Brunei Block L and its forward plans for the Block.
AED Oil updated on its current testing program at Brunei Block L and its forward plans for the Block.
Testing Update – Lempuyang-1
During the last few days, AED recommenced work in preparation for retesting of the Lempuyang-1 well. During this process, we have continued to experience mechanical and equipment issues with the well and have shut in the well. We will continue to assess the situation and will update the market once further information is available.
Lempuyang Testing Analysis
While the test results have not allowed a complete assessment of the Lempuyang-1 well thus far, AED is still encouraged by the results to date, including:
- identification of mobile gas in the two target intervals;
- gas produced to surface; and
- interpretation of a drainage area consistent with geological mapping supporting the trap integrity and structural interpretation of the Lempuyang prospect.
Phase-2 Exploration update
AED remains optimistic that the southern area remains a significant exploration objective. A recent evaluation of the Vertical Seismic Profile (VSP) data from the Lempuyang-1 well has shown that two potential reservoir horizons below the Total Depth of the well have not been intersected and remain untested. The recently acquired aerial gravity and magnetic survey over Block L highlights potential updip prospectivity east of our current 3D seismic.
We intend to focus on acquiring seismic over the Jerudong Field with the potential for oil development.
Phase 2 Work Program, 2011
In addition to the current testing program, AED currently anticipates that the following exploration activity will occur at Block L in the near term:
Phase 2 Work Program, 2011
In addition to the current testing program, AED currently anticipates that the following exploration activity will occur at Block L in the near term:
- Seismic acquisition at West Jerudong. AED plans to capitalize on the current high oil prices by shooting 130km2 3D seismic over the Jerudong oil field. This field was previously produced and shut-in without being fully depleted. The area has only limited 2D seismic coverage and AED intends to acquire 3D seismic to delineate additional potential oil pools.
- A 3D seismic patch (13km2) and 2D seismic line (13km) east of the Lempuyang-1 well will be acquired to confirm structural rollover, as a precursor to a contingent extension to the 3D seismic program of up to 150km2.
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