egolinews.com

AWE Limited (AWE) this morning said that it has increased its equity in the Bass Gas project from 42.5% to 57.5%. As previously advised, the purchase consideration will be adjusted on completion as necessary to reflect the effective date. The acquisition of this 15% equity interest will add to AWE’s gas, condensate and LPG production and will also add approximately 10 million barrels of oil equivalent (”BOE”) to AWE’s proved and probable reserves. “AWE is extremely pleased to announce this increased equity in the BassGas project which will provide meaningful, sustainable long term cash flows to AWE shareholders,” AWE Managing director, Bruce Wood said.

Carnarvon Petroleum Limited (CVN) reported a net profit after tax of $7.4 million for the half-year ended 31 December 2009, down 64.2% on the previous corresponding period. The company said the result primarily reflected the impact of a lower Australian dollar equivalent oil price derived during the period and a decrease in production compared to the half-year ended 31 December 2008. Carnarvon reported a 47.3% drop in revenue, while the company attributed the decline in production to an exploration focused drilling programme during the period. The company said the drilling programme would be more focused to development wells for the remainder of the calendar year in order to build on current production levels.

PanAust Limited (PNA) said it has made a binding offer to Corporación Nacional del Cobre de Chile (“Codelco”) for the Australian company to acquire a majority interest in the Chilean company Inca de Oro S.A. Following a re-structure of Codelco subsidiaries, Inca de Oro S.A. will own the Inca de Oro Copper/Gold Project where an Indicated and Inferred sulphide Mineral Resource of 259 million tonnes grading 0.46% copper and 0.13g/t gold has been identified. PanAust’s interest in Inca de Oro S.A. will be held through a 90% interest in PanAust Minera. An independent Australian private investment company, The Minera Group, will hold the other 10% of PanAust Minera. PanAust Minera will initially invest US$45 million of equity into Inca de Oro S.A. to acquire 66% of the company.

Filed under:
Resource Wrap by egoli