Morningstar - AWE Ltd. Favourable Waitsia Gas Testing Increases our Confidence in Unchanged AUD 0.80 FVE

Report

Morningstar

Mark Taylor

EUR 101.80 For Business Accounts Only

Favourable Waitsia Gas Testing Increases our Confidence in Unchanged AUD 0.80 FVE

Our AUD 0.80 per share fair value estimate is unchanged. The first quarter highlight for no-moat AWE is an outstanding gas flow test from Waitsia-3 in the north Perth Basin. The well produced at 50mmscf/day, exceeding company expectations, and contributing to a 25% upgrade to project proven and probable, or 2P, reserves to 456PJ (100% basis). We view the results more as validation for our Waitsia fair value estimate rather than adding to it. We already assume approval for Waitsia Stage 2 expansi...

30/10/2017 13 EN

Underlying

AWE Ltd.

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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AU000000AWE9 Australia

Provider

Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

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Analysts

Mark Taylor

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Favourable Waitsia Gas Testing Increases our Confidence in Unchanged AUD 0.80 FVE

Monthly LMI Update Independent Investment Research

Feasibility Study Results in December to be a Catalyst for this Junior

Mitsui Trumps Mineral Resourcesâ€™ AUD 0.83 Bid for No-Moat AWE With an AUD 0.95 All-Cash Offer

Business as Usual for No-Moat Lonza; Specialty Ingredients Carve-Out on Track for 2020

Astra Posts Solid 2Q, Driven by Strong Cancer Drug Sales and Moving Away From One-Time Divestments

Astra Posts Solid 2Q, Driven by Strong Cancer Drug Sales and Moving Away From One-Time Divestments

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