OilVoice - AED Completes Indonesian Acquisitions

AED Completes Indonesian Acquisitions

Friday, March 05, 2010

AED reports that its wholly owned subsidiary, AED Oil Investments Pty Ltd, has now completed the acquisitions of Nations Petroleum (Rombebai) BV (NPR) and Nations Petroleum (South Madura) BV (NPSM) from a subsidiary of Nations Petroleum Company Limited.

The acquisitions completed on 4 March 2010.

AED now controls NPR and NPSM. NPR holds a 100% interest in the Rombebai Production Sharing Contract in Indonesia. NPSM holds a 60% interest in the South Madura Production Sharing Contract in Indonesia.

AED's announcement on 5 February 2010 included further information relating to NPR and NPSM and the interests in the Production Sharing Contracts, as well as the terms of the SPAs and other agreements giving effect to the acquisitions.

The combined consideration for these acquisitions includes 12 million fully paid ordinary shares in AED Oil Limited, to be issued after a meeting of shareholders of AED proposed to be convened within the next few weeks and, upon issue, to be subject to voluntary escrow in the circumstances detailed in earlier announcements made to the market by AED. AED may buy back the shares during the period of voluntary escrow. Further details will be set out in the notice of meeting.

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