AWE Limited rejects takeover bid
AWE Limited said it has rejected a taekover bid by Lone Star Japan Acquisitions.
AWE Limited
AWE Limited sales revenues drop by 27%
AWE Limited said its sale revenues fell by 27% in the third quarter of the year compared to second quarter results. The company also said it had put in place an oil price hedging program to underpin cash flow next year. There was a net debt of $156million, comprising cash of $54million and drawn debt of $210million.
AWE Limited chief exec to step down next year
AWE Limited’s chief executive will step down next year after more than five years in the top job with the company. The firm said a new search has already begun to find Bruce Clement’s successor to the role. Chairman of the firm Bruce Phillips paid tribute to Clement for his leadership in “reshaping” the company into a more “diversified oil and gas producer”.
AWE Limited abandons second phase of exploration well
AWE Limited has said it will not proceed with the second planned phase of the Drover-1 exploration program. The company, along with its joint venture partner, Titan Energy Limited has also chosen not to fracture stimulate the well.