AED responded to the Australian Securities Exchange that it was unaware of any reason that could explain the movement in its share price from $1.50 on Thursday to a high of $2.90 on Friday.
Its shares sank 42% last week to their lowest level since June 2006 after Norwegian oil services firm AGR Group said AED was overdue in paying an AGR subsidiary about $A41.5 million ($37.4 million).
The company’s share price has also suffered since it became apparent the Puffin oil field in the Timor Sea was producing at significantly lower rates than expected.
AED was forced to shut-down production entirely last week as a precaution against tropical cyclone Nicholas.
