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Friday, 05 December, 2008, 17:20 GMT | more >>

AED pumps up Puffin volume



By Upstream staff 

Australia’s AED Oil hit a major milestone when production kicked off on 6 October and reached a total of 839,698 barrels for the last quarter, the company said

AED added that it had pumped more than 1,000,000 barrels of Puffin crude by the time its quarterly report was released yesterday.

The company has hired an independent consulting group to review the Puffin-7 and Puffin-8 well after lower than expected production was achieved. The root cause of the problem was localised to the well bore and the consultants will recommend remedial action to increase production levels.

The company said it was also pressing ahead with plans to develop the Puffin North East, Puffin South West and Talbot interests.

Plans are in place to drill the third development well in the Puffin North East One reservoir by the third quarter and it is likely to add a further 20,000 bpd to current production rates.

AED aims to start developing the Puffin South West field around mid-year and the Talbot field next year.

During the last quarter sales from the Puffin North East operations were A$50.7 million (US$45.5 million) net revenue after settlement of hedging contracts with an operating profit of A$29.3 (US$23 million).


Friday, 01 February, 2008, 07:58 GMT  | last updated: Friday, 01 February, 2008, 08:28 GMT

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