AWE History

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Mitsui & Co., Ltd. entered into a takeover bid implementation deed with AWE Limited agreeing to a takeover offer of A$0.95 cash per share. This offer was recommended by the AWE Board with Mitsui’s offer for AWE closing at 7:00pm (Sydney time) on 2 May 2018. Mitsui has commenced the compulsory acquisition process for the remaining AWE shares.


Continued success from the Waitsia-3 and -4 appraisal wells and the record flow-rates observed in well tests has seen AWE increase the 2P Reserves in the Waitsia Field by 80% to 820 PJ gross (net 410 PJ to AWE) as at 1 December 2017

Following the excellent results from the Waitsia-3 appraisal well, drilled in May-June 2017, AWE increased its share of 2P Reserves for the Waitsia gas field by 25% to 228 PJ of sales gas (38.1 MMboe) as at 30 June 2017.

The BassGas Mid-Life Enhancement (MLE) project was completed during FY17. The final phase, including the hook up and commissioning of compression and condensate pumping modules on the Yolla-A platform, was completed on time and under budget in June 2017. Production subsequently increased to nameplate capacity (approximately 67 TJ/d).

Sale of AWE's 57.5% interest in the Tui Area Oil project, including Operatorship, completed on 28 February 2017


First gas from Waitsia Stage 1A, on time and under budget on 29 August 2016

Sale of AWE's 57.5% interest in Cliff Head oil project completed on 30 June.

On 3 June, AWE increased Waitsia gross 2P reserves by 93% to 344 Bcf of gas. Total gross 2P plus 2C for Waitsia, Senecio, Irwin and Synaphea increased by 20% to 867 Bcf of gas.

AWE appoints David Biggs to the role of Managing Director and CEO on 3 May.

AWE completed the sale of its 10% working interest in the Sugarloaf AMI for US $190 Million on 17 March.


At 30 June, AWE reported production of 5.1 mmboe, sales revenue of $284 million and a 25% upgrade of 2P Reserves for the FY2014-15.

Following a successful appraisal program in the north Perth Basin, Western Australia, AWE upsized its gross combined 2P Reserves and 2C Resources for the Waitsia, Senecio, Synaphea and Irwin gas fields to 721 Bcf of recoverable gas.

AWE announced a new four-year, A$400 million secured multi-currency syndicated bank loan facility

Pateke-4H well was brought onto production at the Tui oil fields in April.

AWE acquired an additional 5% interest in T/18P (Trefoil) from Drillsearch. AWE's share increased to 40%.


At 30 June, AWE reported production of 5.6 million BOE, sales revenue of $328.2 million, field EBITDAX of $208.8 million and statutory NPAT of $62.5 million for the FY2013-14.

AWE sold its 21.25% participating interest in Block 7, Al Barqa Permit, in the Republic of Yemen to Petsec Energy Ltd.

AWE announced the sale of 11.25% of T/L1 (BassGas infrastructure and Yolla field) and 9.75% of T/18P (Trefoil field) to Prize Petroleum Company Limited for a total cash consideration of $85million. AWE'sremaining share in BassGas is 35%.

During drilling of the Senecio-3 well in September, 2014, the underlying Waitsia gas field was discovered below the original target formation, significantly increasing the development potential of the Senecio gas field.


At 30 June, AWE announced a substantial improvement was achieved from the previous financial year, with a profit of $20 million, an increase in production to 5.0 million BOE and a doubling of 2P Reserves to more than 110 million BOE.

AWE successfully completed the sale of a 50% interest in the Northwest Natuna PSC, offshore Indonesia, that contains the Ande Ande Lumut oil field for USD$188million to Santos Limited comprising USD$100million cash and USD$88million carry. Operatorship of this asset was transferred to Santos as part of the sale.

AWE acquired additional 15% interest in the Tui area oil project (including the Pateke-4H development well) and an additional 6.25% interest in the Oil exploration well, located offshore New Zealand in PMP38158, from Mitsui E&P Australia Pty Limited.


At 30 June, sales revenue of $298 million was achieved, remaining strong through a greater percentage of oil production and higher than average oil prices. Production assets delivered 4.7 million BOE.

AWE announced the purchase of a 100% interest in, and operatorship, of two Indonesian Production Sharing Contracts; including the Northwest Natuna PSC containing the Ande Ande Lumut oil field which is now estimated to contain 101 million barrels of heavy oil.


The Company's production assets performed strongly with production of 6.1 million BOE, delivering a 61% increase in after tax net cash flow from operating activities of $140 million.


A strong underlying performance by the company's core production operations was offset by exploration write-offs and one-off abnormal items. As a result, in the year to June 30, 2010, AWE reported a statutory net loss after tax of $28.9 million. AWE Limited increased proved and probable (2P) oil and gas reserves for the year by 4% to 71.6 million BOE, after production of 6.1 million BOE.

Takeover of Adelphi Energy Limited was completed. Adelphi holds 10% interest in the Sugarloaf gas/condensate field in the USA (net ~7.5% after royalties).

The development of the Henry gas field (Otway Basin) was completed.


The company reported a net profit after tax of $89 million for the financial year. Sales revenue for the year was $590 million, and generated EBITDAX of $476 million. This allowed AWE to complete the financial year with an exceptionally strong balance sheet with cash reserves of $356 million and no debt. Proved and probable (2P) reserves rose 30% to 68.9 million barrels of oil equivalent (BOE), after the production of 8.8 million BOE in the year; a 279% replacement of production with new reserves.


AWE drilled its first well in the Bulu basin in the Java Sea, approximately 90 kilometres north of Surabaya, East Java.

Additional equity in the BassGas and Cliff Head projects and further production interests in the onshore Perth Basin were acquired.

AWE acquired a 34% interest in Adelphi Energy Limited.


Modifications and debottlenecking of the onshore gas plant at Lang Lang in south Gippsland in Victoria bring the field to its design capacity of ~67 TJ/d. Following the ARC merger and subsequent transactions, AWE's share of the BassGas Project was 46.25%.

The first exploration venture in Indonesia is formed.

The Tui Area oil project commenced production.


First production of Cliff Head field commenced. Following the ARC merger, AWE's share of the Cliff Head Project increased to 57.5%.

Acquisition of 42.5% of the Tui Area oil project with additional oil exploration acreage in the offshore Taranaki basin in New Zealand provided exciting new opportunities.

The Yolla field and the Casino field commenced production.


Development of the Cliff Head field commenced.

AWE acquired a 25% interest in VIC/P44, including the Casino gas field, in the offshore Otway basin in Victoria.
AWE announced the Cliff Head wildcat oil field discovery in the offshore Perth basin just north of Perth in Western Australia. This discovery opens a new play trend which AWE explores aggressively.
AWE acquired 30% of the undeveloped Yolla field in Bass Strait.

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Listed on the Australian Securities Exchange (ASX), AWE has reshaped itself to operate in a low oil price environment with a near-term focus on domestic gas production.

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