AED 0.00% 14.5¢ aed oil limited

aed....joint venture interest

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    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
 
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