AWE Fiscal 2017 Earnings as Expected. FVE Downgraded to AUD 0.80 on AAL Free Carry Removal.
We reduce our fair value estimate for no-moat AWE to AUD 0.80 from AUD 0.85, still well ahead of the current AUD 0.46 share price, after removing the USD 88 million free carry component from our forecast cash flows for the Ande Ande Lumut, or AAL, oil project in Indonesia. AWE derecognised the capital expenditure carry despite the contract remaining binding, subject to the project proceeding. Our fair value estimate still assumes AAL ultimately goes ahead, though still heavily discounted at a 16...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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