AWE rides oil revenues wave

Australian Worldwide Exploration saw full-year profits and revenues surge as production was boosted by output from the Tui field in New Zealand and world oil prices surged. 

AWE reported net profits of A$264 million, or 58.8 cents per share, up from A$35 million, 7.9 cents previously. Sales revenues rose to A$821 million (US$717.3 million) from A$144.2 million previously over the same period as production jumped to 9.8 million barrels of oil equivalent from 3.9 million boe last year. The figure was boosted by higher than expected output from the Tui field on New Zealand’s offshore Taranaki basin, which produced a gross 14.2 million barrels over the period. Operating income rose to A$504 million from A$40.5 million in 2007. AWE said in April it would take over fellow Australian producer Arc Energy. The move will substantial boost its assets and reserves, including holdings in the Perth basin in Western Australian and in the Bass basin off Victoria. The Henry gas field in the offshore Otway basin off southern Australia was also officially sanctioned for development in the year.

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