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AED said it intends to develop its known oil reserves and explore several prospects on its offshore acreage in the Timor Sea, about 80km south-west of the Jabiru and Challis oil fields and 20km north-west of the Skua oil field.
Equity raised will primarily be used for work in the Ashmore Cartier Exploration Permit area of the Vulcan Sub-Basin in the Timor Sea.
The Melbourne-based company said it now planned to develop the proved reserves in the Puffin Field, estimated to be 10.4 millions barrels of oil and to explore the nearby Fairfield Prospect.
