Reset to Exercise Price
US$21,217,500 9.0% Convertible Notes due July 2012
Pursuant to the terms of AED Oil Limited’s US$21,217,500 9.0% Convertible Unsecured Notes due July 2012 (“Unsecured Notes”), the Exercise Price for the Unsecured Notes shall be reset on 16 April 2011 to the price which is 107.5% of the average volume weighted average price of AED shares for the five consecutive dealing days concluding on 15 April 2011 (provided that the Exercise Price as adjusted will not in any circumstances be less than 80% of the Exercise Price immediately prior to 16 April 2011).
AED hereby notifies that the Exercise Price for the Unsecured Notes has been reset as at 16 April 2011 to A$0.30, being 80% of the previous exercise price of $0.38 (rounded down in accordance with the terms and conditions of the Unsecured Notes).
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