AWE Fair Value Estimate Downgraded 10% Following a Review of Our AAL Project Assumptions
We reduce our fair value estimate by 10% to AUD 1.00 per share, following deeper analysis (to be published shortly) of the Ande Ande Lumut, or AAL, oil project in Indonesia. Despite the downgrade, AWE shares are 67% undervalued, trading at AUD 0.60. Potential catalysts for a narrowing of the discount to our fair value estimate include oil price appreciation towards our USD 60/barrel long-term forecast and/or greater certainty around the development potential of the AAL oil project in Indonesia....
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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