In FY17, the operating performance of the company’s core business was satisfactory and the underlying financial performance largely in line with expectations. However, the continued low oil price outlook resulted in significant non-cash impairments and a statutory net loss.
To see AWE’s complete financial results for FY17, please click here.
Increase in Waitsia 2P Reserves to 38.1 MMboe*
2C Contingent Resources^
Reduction in Operating Costs
Reduction in Total Investment Expenditure+
Lost Time Injuries and Significant Environmental Incidents
* Announced 9 August 2017, AWE share ^ At 30 June 2017 + Capital expenditure plus exploration expenditure
AWE shareholders are being asked to consider a takeover bid from Mitsui & Co,. Ltd.
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.