AWE hit by BassGas maintenance
April 30, 2010
AWE Limited (AWE) said that oil and gas revenue for the quarter fell 3% to $78 million as the oil producer was hit by lower production, offset by a small increase in oil sales. Oil and gas production was 1.12 million BOE, down 23% on the previous quarter primarily due to the maintenance shutdown at BassGas, AWE said.
”The startup of the BassGas facility in early April will result in a resumption of normal production levels in future quarters,” the company said.
AWE said the decline in profit was offset by a slight increase in realised oil prices to $83 per barrel.
The group said its balance sheet remains strong with cash reserves of $261 million at the end of the quarter.
“AWE has maintained its strong financial base, its base projects are performing well, and ongoing exploration is on target and has the potential to yield large rewards for shareholders. 2010 is a very exciting year for AWE,” managing director, Bruce Wood said.
At 1118 AEST, AWE shares were trading up 6c to $2.48.
”The startup of the BassGas facility in early April will result in a resumption of normal production levels in future quarters,” the company said.
AWE said the decline in profit was offset by a slight increase in realised oil prices to $83 per barrel.
The group said its balance sheet remains strong with cash reserves of $261 million at the end of the quarter.
“AWE has maintained its strong financial base, its base projects are performing well, and ongoing exploration is on target and has the potential to yield large rewards for shareholders. 2010 is a very exciting year for AWE,” managing director, Bruce Wood said.
At 1118 AEST, AWE shares were trading up 6c to $2.48.
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