No-Moat AWE’s Waitsia Achieves First Production; No Change in Our View
Normalising for the sale of Cliff Head in the June quarter, AWE recorded a better-than-anticipated 9% increase in first-quarter 2017 sales volumes to 0.95 million barrels of oil equivalent, which is positive, but not enough to move our fair value estimate of AUD 1. In conjunction with nearly negligible exploration expenditures, our fiscal 2017 AUD 0.024 per share loss forecast tempers to AUD 0.010. We anticipate a break-even profit in fiscal 2018 before a return to positive earnings in fiscal 20...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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