So the field has potential reserves of 2-5m barrels and was discovered in 1989. Presumably the low potentail made it uneconomic back then.
AED paying between 40c and $1 per barrel of reserves, if they can prove up the high end (5m) then they should be able to get this up to around $15 per barrel or $75m value for a $2m investment (plus costs of sinking another well.
Overall small fish in the scheme of things but nice to see a little diversification and a postive sign from the company for future growth prospects.
Zinc
AED Price at posting:
0.0¢ Sentiment: Buy Disclosure: Not Held