AED looking at acquisition opportunities

Crude oil producer AED Oil Ltd says the company is looking at a number of potential acquisition opportunities throughout Australia.

AED has $300 million cash after it sold 60 per cent of its Puffin project for $US550 million ($A843.43 million) to China's Sinopec International Petroleum Exploration and Production Corporation.

"We believe we're very well positioned for other acquisitions in the region generally and we're looking at a wide-range of opportunities in Australia and the region," AED managing director Ken Tregonning told reporters on a conference call.

AED executive chairman David Dix said the company would look at synergistic acquisitions as they arise but would ensure the company maintained a healthy balance sheet amid the uncertain economic environment.

"We are in a position I think to join with other who might have short-term funding needs," Mr Dix said.

Shares in AED gained six cents to $1.05 by 1336 AEDT.