which way now for aed, page-3

actually they are already losing money on Puffin production

Production costs for the last two qtrs averaged ~$14.5 mil per qtr for AED and admin costs ~$1.7mil /qtr

Current production of ~3000bopd x USD55/brl x 90 days x AED 40% share x FX rate 0.65 = A$9 mil/qtr net to AED

So they are losing ~A$7mil/qtr at current production and oil prices.

Expect a lot of shutins and delays to offtakes over the next 6 months as development/remediation is underway at Puffin NE

Puffin SW-11 wont be developed until Feb 2010, after more wells are drilled, according to the Agm preso.
Focus now will be on P-12-13 and P-7 raising production at Puffin NE