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 1.00 fair value estimate for AWE. Second-quarter production fell 15% to 0.70 million barrels of oil equivalent, or mmboe, marginally below expectations. The decline reflects planned maintenance at BassGas and Casino. Year-to-date performance is in line with guidance. Revenue fell sharply, down 64% to AUD 14.5 million, due chiefly to a lack of Tui crude shipments, but also due to the lower gas production. We expect the net 175,000 barrels of oil inventory-build at Tui...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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