AED Oil Ltd.

Australia-based AED Oil Ltd. has retained Macquarie Group Ltd. to seek strategic alternatives. AED assets include a 100% participating interest in the Ashmore Cartier exploration permit area of the Vulcan sub-basin in the Bonaparte Basin offshore northwestern Australia approximately 80 kilometers southwest of the commercial Jabiru and Challis oil fields. This permit includes Puffin Field (comprising the accumulations discovered by the Puffin-2 and Puffin-5 wells) and the Fairfield prospect. Proved reserve estimates for Puffin Field are 10.4 million standing barrels of oil. Estimated reserves for the Fairfield prospect are 21.6 million standing barrels. Contact Rob Morrison, (03) 9635-8000.