NORWEST ENERGY NL 288 Stirling Street Perth Western Australia 6000 PO Box 8260 Perth Business Centre Western Australia 6849 Tel: +61 8 9227 3240 Fax: +61 9227 3211 Email: [email protected] Web: www.norwestenergy.com.au ABN: 65 078 301 505 ASX Announcement 15th February 2007 Puffin Oilfield Reserves Update Norwest provides reference to the latest reserve upgrades in the Puffin Oilfield issued by the AED Oil Limited (AED) in an ASX announcement dated 13th February 2007. In the announcement, AED quotes an Oil Initially in Place (OIIP) range for the NE2 area of 11 to 30 million barrels, which when added to the previously quoted OIIP volume of 90 million barrels for the area called NE1, increases the total field OIIP volumes to a range of 101 to 120 million barrels. Norwest has made a simple calculation based on an oil price of US$50 per barrel, a recovery factor of 44% (taken from AED’s estimate for the NE1 area), the average of the OIIP range quoted for NE2, and Norwest’s 1.25% over-riding royalty as follows: OIIP Million barrels Reserves (based on 44% recovery factor *note that AED indicate this could increase) NE1 Reserves 90 40 NE2 Reserves average (and range) 20.5 (11-30) 9 (5-13) Total NE1 & NE2 Reserves 110.5 49 Value of Norwest 1.25% Royalty @US$50/ barrel AU$41 million This is an increase over the AU$33 million previously calculated for the NE1 area alone. Norwest would encourage the reader to access the full version of AED’s ASX release via the ASX website: www.asx.com.au. AED Oil’s code is AED. Further updates will be provided as they come to hand. For further information contact Mr. Joe Salomon Telephone: +61 8 9227 3240 Email: [email protected]
AED Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
