A small but well-run oil and gas company, AWE can grow meaningfully from a modest gas footprint.
We make no change to our AUD 1.10 per share fair value estimate for AWE. It was a pretty wild and woolly result, with substantial asset sales and writedowns. However, when the murk gets too confusing, first port of call should be cash. AWE's fiscal 2016 net operating cash flow increased 40% to AUD 52 million, in line with expectations. Free cash flow improved from negative 84 million to positive 143 million, or from negative AUD 141 million to negative AUD 93 million excluding asset sale proceed...AWE is an independent energy company focused on upstream oil and gas opportunities. Co. has a portfolio of production, development and exploration assets in Australia, New Zealand, and Indonesia. As of June 30 2016, Co. had total proved developed and undeveloped reserves of 44.4 million barrels of oil equivalents, which consisted of 151.9 petajoules of sales gas, 73.4 kilotons of liquefied petroleum gas, 0.9 million barrels of condensate, and 17.4 million barrels of oil.
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