AED Oil raises $6.5m to explore Indonesia & Brunei oil, gas blocks
Tuesday, June 14 2011 - 08:55 AM WIB
Australian listed firm AED Oil has raised $6.5 million from the issuance of new shares. The company plans to use the proceeds for its current operation in Brunei and Indonesia.
AED Oil said the proceeds will be used, including for operations in Rombebai block, West Papua, South Madura (East Java), and Timor Sea.
The company said the proceeds will be used for an additional geological analysis and pore pressure work in Rombebai block and pre-drilling cost for the Kare-1 well in early 2012.
Geological and physical activity in South Madura include seismic planning and interpretation of the Kujung carbonate leads and prospect in the South Madura PSC, it said. (lucky)