Melbourne (ANTARA News/Asia Pulse) - Australia's AED Oil Ltd (ASX:AED) is expanding its presence in South East Asia, after buying stakes in two gas tenements from Canada's Nations Petroleum for about A$8.6 million (US$7.44 million).

Melbourne-based AED will own 100 per cent of the Rombebai contract area in northern coastal Papua, the company said on Friday. AED will also hold a 60 per cent stake in the South Madura contract area, on Indonesia's Madura island.

The transactions will cost AED US$1.5 million plus 12 million of its shares, valued at 57 cents at the time the deal was signed.



Source:
Business in Asia Today - Feb. 5, 2010
published by Asia Pulse