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AED Oil Limited (ASX:AED) US$20m Convertible Note Facility Finalised

US$20m Convertible Note Facility Finalised
• US$20 million convertible note conditions finalised
• Initial drawdown of US$750,000 expected to occur today
AED Oil Limited (ASX Code: AED) is pleased to announce that it has finalised certain amendments to the Funding Agreement for the issue of up to US$20 million of 4.75% convertible notes to US based La Jolla Cove Investors, Inc (La Jolla Cove). The amendments are summarized in the annexure.
As previously announced, the funds raised from the issue of the convertible notes to La Jolla Cove will be used primarily to finance Brunei costs including further exploration, well testing and phase 2 development activities in Brunei Block L, including the 3D seismic acquisition plan announced to the market on 1 April 2011 and general corporate and other operating activities.
These funds will add to the funding currently being raised from shareholders through AED’s Share Purchase Plan.
AED Chairman David Dix said this outcome demonstrates the continued attraction of AED’s South East Asian assets. “La Jolla Cove is making a significant investment in AED which supports the quality of our Brunei asset confirmed by our recent results in testing at Lempuyang. We look forward to a long term association with La Jolla Cove.”
The conditions precedent to drawdown have either already been satisfied or are expected to be satisfied through delivery today, and a cleansing statement pursuant to ASIC Class Order 10/322 shall be issued immediately prior to the issue of the first convertible note. The cleansing statement shall set out further details of the terms of the note and the Funding Agreement. 
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