AED said it was reviewing its petroleum development assets and that, based on the results to date, it was likely to recover in excess of 100MMboe from the fields, including the Puffin North East region (NE1 and NE2), Puffin South West (SW1 and SW2), and Talbot.

This was subject to suitable field development.

It said the drilling of three wells (Puffin-7, 8 and 9) and extensive technical studies, based on reprocessing and reinterpretation of two 3D seismic surveys, had led to a significant increase in mapped oil and potential recovery.

AED said it remained optimistic that additional development targets and exploration prospects would be identified in leases ACL/6 and ACP/22.

Managing director Ken Tregonning said further details regarding recoverable volumes would be announced shortly.

AED has already said it is likely to commence production from the Puffin field (NE1) in August and plans to bring Talbot into production in late 2008.

It is appraising and developing the oil discoveries and proved reserves in the Puffin field (comprising the accumulations discovered by the Puffin-2, 5 and 9 wells) and exploring the adjacent areas.

AED acquired Talbot last month from Apache Energy for $A2 million, with expected flow rates of 10,000-15,000 barrels of oil per day.