Australian Worldwide Exploration (AWE)

Shares / Stock Code

AWE

Stock Exchange / Sharemarket

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Australian Worldwide Exploration (AWE) is an oil and gas producer and explorer operating in Australia, New Zealand and Indonesia. The Company focuses on the evaluation and development of oil and gas properties along with the production and supply of oil, gas and condensate. AWE’s assets are in Argentina and the Kipper gas field. It listed on the ASX on 2nd July, 1997. At present the Company’s portfolio comprises four major producing assets which are Tui oil fields - offshore Taranaki basin in New Zealand, BassGas project - offshore Bass Strait in Tasmania, Cliff Head oil field - offshore Perth basin in Western Australia and Casino gas field - offshore Otway basin in Victoria. In 2002, AWE made a significant discovery of Cliff Head wildcat oil field, in the offshore Perth basin - north of Perth in WA. In 2006, AWE opened up an office in Indonesia to appraise exploration and development opportunities with its first exploration venture accomplished in June 2007. In 2006, AWE acquired 42.5% shareholding in its Tui Area oil project, which commenced producing during fiscal 2007 and by March 2008, its production was more than 9 million barrels of oil. During fiscal 2007, AWE commissioned its BassGas project, and began commercial production.

Apart from oil and gas producing assets, the Company also has extensive opportunities for exploration projects within Australia and worldwide. AWE intends to carry out its exploration activities in prospective regions, which offer more opportunities for commercial success. The Company is currently focused on marginal fields, whose value may be enhanced by using novel appraisal and development approaches.

History

Australian Worldwide Exploration was floated on the ASX on 2nd of July 1997. Since then it has acquired a broad portfolio of quality projects. AWE sold Kipper and Basker/Manta in Bass Strait for $18M which funded the company in acquisition of immediate cashflow assets along with new developments. The development of the BassGas, Cliff Head oil and Casino gas projects are the positive outcomes of this sale.