aed....joint venture interest

announcement just out.




AED Oil Limited
ACN 110 393 292
PO Box 18199
COLLINS STREET EAST VIC 8003
AUSTRALIA
ASX Announcement
3 March 2008
Joint Venture Interest
AED Oil on 28 February 2008 requested a trading halt and informed the market that it
had received a number of proposals relating to an acquisition of joint venture
interests in the Company’s assets. These proposals were received following the
strategic review process announced by the Company in January 2008.
The Company and its board have assessed these proposals and the Company has now
commenced negotiations in respect of one of the proposals. This proposal is from a
significant Company which has received all internal approvals and is for a majority
interest in the Company’s assets.
The Company notes that if an agreement is entered into and completed in respect of
this proposal, it will be in a position to extinguish its bank debt and repay creditors.
The Company in these circumstances will also have sufficient cash resources to
exploit its previously indentified development and exploration opportunities at the
Puffin and Talbot fields.
If an agreement is entered into in respect of this proposal, completion will be subject
to a number of customary conditions precedent and subsequent, including
governmental and regulatory approvals and certain other third party actions.
The Company this morning requested a voluntary suspension of trading in order to
provide it with more time to negotiate this proposal. The Company is unable to
provide more details at this point, but will keep the market informed of progress.
Trevor Slater
Company Secretary
General Manager, Marketing
Contacts
Trevor Slater – Company Secretary/General Manager, Marketing (03) 9656 7800