AWE Profit $13.2m down 56% 1H2013

Oil and Gas company, AWE (ASX:AWE) have announced its half year financial results for 2013 to its shareholders and investors on the Australian stockmarket. AWE was formally named Australian Worldwide Exploration.

• AWE reported a Net Profit (NPAT) of $13.2 million for the half, down 56 percent on the previous corresponding period.
• AWE Total oil and gas production of 2.34 million BOE (Barrels Oil Equivalent) and sales of $145.1 million EBITDAX of $91.3 million, net operating cash flow of $39.4 million Development expenditure $99.6 million, exploration expenditure $15.7 million.
• AWE managing Director Bruce Clement said, "AWE achieved production of 2.34 million BOE and sales revenue of $145.1 million for the six month period. Production improved significantly after BassGas restarted in mid-October and sales revenue proved resilient, underpinned by sustained high oil prices. Sugarloaf exceeded our expectations, with production up 177% for the half year, and 63 production wells (gross) are now online."
• BassGas contributed 389,000 barrels of oil in the past quarter, 29 percent of total production for the period. AWE is a 46.25 per cent shareholder in BassGas.