abce certificate
Monday, 01 December, 2008, 22:40 GMT | more >>

AED owes A$41.5m for Puffin work



By Upstream staff 

Norwegian oilfield services company AGR Group said its Australian unit Peak Group Asia Pacific was owed A$41.5 million (US$37.1 million) by Australia’s AED Oil for services on its Puffin field.

AGR said in a statement to the Oslo Stock Exchange that the money was overdue and that AGR had not disputed the debt.

The company said AED had told it that it was seeking farm-in partners and seeking other sources of funding to help it cover its costs.

AGR said the charge related to well management services provided to AED at Puffin in the Timor Sea between October and December last year.

The company said it was no longer providing services for AED. It said it was exploring options to recover the money.

AED has seen its share price fall in recent months after running into trouble at Puffin. The company said in November last year that production from the field would fall below its original estimates.


Friday, 08 February, 2008, 04:57 GMT  | last updated: Friday, 08 February, 2008, 04:57 GMT

e-mail this article to a colleague


to email:  from:
comments: