AED Oil to raise$21.25m

Australia-listed firm AED Oil Limited is planning private placement and rights issue to raise US$21.25 million to finance its operations, among others in Indonesia.

AED Chief Executive Officer John Imle said: ?AED will use the funds raised to support its capital requirements in the short to medium term assisting AED to maintain and properly develop its assets and for its broader strategic plans. The funds will be utilised by the Company to further pursue its 2011 exploration and appraisal programs and enable AED to pursue other attractive corporate development opportunities.?

AED will use the proceeds from the placement and rights issue for its current operations in Brunei, Rombebai in Papua, South Madura in East Java and the Timor Sea (Australia).

There is additional geological analysis and pore pressure work in Rombebai block and predrilling costs for the Kare-1 well in early 2012 and geological & geophysical activity in South Madura block, including seismic planning and interpretation of the Kujung platform leads and prospects in the South Madura PSC. (*)