Mid-cap oil and gas player
Sales in the June quarter rose to $91 million, up from $86 million in the same period a year ago. Production was 1.55 million barrels of oil equivalent (boe), up 7 per cent from the March quarter but down on 1.65 million boe in the same period in 2010.
The revenue figure came in slightly below UBS’s estimate of $94.4 million.
Full-year sales dropped 14 per cent to $304 million and output climbed marginally to 6.12 million boe, just missing AWE’s 2011 guidance of 6.2 million boe.
AWE, which announced a downgrade to oil reserves at its Tui field in New Zealand this week, expects to test its Arrowsmith-2 shale gas well in the Perth Basin this quarter.
Managing director Bruce Clement said the company’s proven and probable reserves of 66-67 million boe as at June 30 and its diverse asset base still “provides a strong foundation for sustained future cash flow generation".
The Australian Financial Review