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AWE on the Move
Friday 6-8-2004: ADI up-x NDI
Monday 6-6-2005: ADI up-x NDI
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awe-update: stoploss @.928
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Member
AUSTRALIAN WORLDWIDE EXPLORATION LIMITED
ASX Announcement
September 12, 2005 AWE to acquire 90% of
Indonesian LPG project and undertake a Share Placement Indonesian LPG Extraction Plant
Australian Worldwide Exploration Limited, on behalf of its wholly-owned subsidiary AWE
Singapore Pte Ltd (“AWE”), advises that it has signed a conditional Heads of Agreement (“HOA”) with the owners of PT Ogspiras Basya Pratama (“OBP”) for the acquisition of a 90% interest in OBP. The HOA is subject to completion of final due diligence including regulatory approvals.
Upon completion of the transaction, AWE will acquire a 90% equity interest in OBP by
funding 100% of the remaining capital expenditure on the Kilang LPG Extraction Plant located near Palembang in South Sumatra, onshore Indonesia (“LPG Project”) (see figure 1). The LPG Project is currently under construction. AWE is budgeting A$30 million (up until first production at the end of 2006) to set-up its Indonesian operation and complete the remaining construction activities on the LPG plant.
“Our participation in the Indonesian LPG Project is AWE’s first significant investment
outside our traditional Australian and New Zealand core asset area and comes after
rigorous evaluation of the risks versus reward scenarios. The LPG Project and its potential
for further expansion beyond the initial base case scenario may provide AWE with a fifth
cornerstone asset area” said AWE Managing Director, Mr Bruce Phillips.
“On a conservative view of LPG and liquid prices, AWE will achieve its targeted rate of
return on the initial stage of the LPG Project. Considerable upside can be envisaged on the
basis of sustained higher product prices or through an expansion of the project throughput”,
commented Mr Phillips. By way of background on OBP and the LPG Project: • AWE will acquire a 90% shareholding in OBP by funding 100% of the remaining capital expenditure on the LPG Project, subject to the completion of final due
diligence and regulatory approvals. The remaining 10% equity will be held by an Indonesian partner who has already contributed 10% of the total capex for the LPG Project.
• AWE and its Indonesian partner have also agreed to pursue further mutually
beneficial transactions in Indonesia, subject to AWE’s normal investment criteria.
• OBP has negotiated a 15 year gas purchase agreement with Pertamina, the
Indonesian national oil company, to provide the required raw feed-gas for the LPG
Extraction Plant.
• OBP will retain the rights to all liquids extracted from the plant and has the
necessary rights to sell the liquid products domestically and/or internationally.
• The LPG Project site is adjacent to Pertamina’s major South Sumatran gas pipelines, which currently transmit in excess of 250mmcf of gas per day, and is therefore suitably placed for the receipt of raw feed-gas.
• The LPG Project will be operated by OBP, who in turn has contracted PT WIN (and
Enerflex Systems Ltd, a leading supplier of products and services to the global
energy industry) to build the LPG Plant.
• Based on the contracted input flow rate of 60 million cubic feet of raw feed-gas per
day over the 15 year project life, gross liquid sales form the LPG Extraction Plant
are estimated to be in excess of 1.6 million barrels plus over 500,000 tonnes of
LPG.
• On the assumed product prices, the project will generate gross revenues for AWE
in excess of US$230 million over the life of the project.
Share Placement
AWE will fund the Indonesian project acquisition via a Placement of ordinary shares.
The Placement will also assist in funding other projects and developments for the
Company.
The Placement will raise approximately $120 million and the final pricing of the
placement will be determined via a book-build process to be finalised on 13 September
2005. The placement shares will be issued subject to shareholder approval at the
general meeting of AWE shareholders to be held on or about 19 October 2005.
The Placement is being underwritten by Macq
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Member
Would have thought the last sentence would put a lid on the SP for a while ....
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Member
I think this might be the third SPP AWE has made over the last 4-5 years, so it has been a steady raiser of cash. Share price has moved from round 80c then to over $2.10 lately, so has been a profitable hold over this time, and for me has grown from a small beginning, after taking up each offer, into a reasonable holding.
I can't recall another example of such a long time - 5 months - between record and offer date.
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to many threads - this seems to be the main one
interesting reading the pricesa couple of years ago.
AWE hit a high of $3.78 todays as it marches on towards its broker recomendation of $4.00
Wonder what it will achieve when Tui stats pumping in a week or so?
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AWE’s Tui Area Oil Project opened by
New Zealand’s Prime Minister Clark and
sends first oil shipment to refineries
The Tui Area Oil Project was officially opened by New Zealand’s Prime Minister Helen Clark
earlier today at a ceremony in New Plymouth.
The ceremony coincided with AWE Ltd completing the first lifting of crude oil from the
project.
On Thursday August 16, a cargo of approximately 300,000 barrels of high quality Tui crude
was transferred from the Floating Production Storage & Offloading (FPSO) vessel, Umuroa,
to the tanker Akama for shipment to refineries in Sydney and Brisbane operated by Caltex
Australia.
The Akama has been chartered on a long-term basis and is dedicated to the transportation
of Tui crude oil.
AWE Ltd’s Tui Area Oil Project, offshore New Zealand’s Taranaki coast, started production
on July 30, 2007.
Commissioning of the Tui Area production wells and subsea systems has progressed
without incident and three of the four wells are now on line, with a combined estimated
production capacity in excess of 90,000 bopd.
The fourth well is expected to be available when required to maintain maximum production.
A stable crude oil flow rate of up to 42,000 bopd has been achieved through the FPSO. As
expected during project commissioning, production has been slightly constrained by the
FPSO topsides facility, which is designed to handle a maximum 50,000 bopd.
However system uptime is improving quickly as experience in operating the new facility is
gained. Some minor process de-bottlenecking is being implemented which is expected to
allow the full design production rate to be achieved within the next few weeks.
Preliminary testing of samples taken from the production wells suggest the oil properties
and quality are in line with pre-production expectations.
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Member
Kopuwai: Oil shows in poor quality reservoir
AWE’s Kopuwai-1 drilling update
AWE Ltd (“AWE”) reports that the Kopuwai-1 well is at a depth of 3,876 m. Current
activity is pulling out to change the bit.
Since the last report, the well has been drilled from 2,310 metres to 3,876 metres. Oil
shows were encountered in the Kapuni F Sand over the interval 3,655 to 3,690
metres, but the logs recorded while drilling indicate that the sandstone beds are either
poor quality or finely interbedded over this interval.
Once the well reaches total depth of approximately 4,050 metres, wireline logs will be
run in order to assess the economic significance of the F Sand interval.
Kopuwai-1 is in New Zealand’s western Taranaki basin in PEP 38482, approximately
10 kilometres north of the Tui Area oil project in 125 metres of water.
Any oiler types got any opinion about this announcement? In my opinion this is an important drill for the NZ oil industry: AWE have been giving momentum to Taranaki exploration and if all of their wells came up dry (this being the last in an aggressive series) then companies will be seriously turned off committing to the escalating price of hiring rigs. Perhaps a subeconomic show at Kopuwai will be enough to keep the faith?
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Surprised AWE hasn't moved more today considering they just announced 30% increased reserves of the TUI oilfied which they own 42.5% of!
ASX Announcement November 22, 2007 Reserves increase by 30% at
AWE’s Tui Area Oil Project AWE, as Operator of the Tui Area Oil Project, has undertaken a reserve review which
has resulted in an increased estimate of oil reserves at Tui by 30% to 41.7 million
barrels.
This compares with reserves of 27.9 million barrels on which the Tui Area Oil Project
was originally developed and an interim estimate of 32 million barrels, following the
completion of the development drilling campaign. The increase in proved and probable (2P) reserves is based on interpretation of re-processed
3D seismic, a more detailed assessment of the Kapuni reservoir and the integration of the
production data from the fields since production began on July 30, 2007.
The increased reserves assume production from the existing four wells, plus the completion
of an additional development well in the Tui oil field, Tui-4H. Preliminary planning for the
drilling of this well has begun. Oil Production Rates Since the start of production on July 30, 2007, the Tui Area Oil Project has produced
approximately 4.4 million barrels of oil. Recent production rates of up to 50,000 barrels a day have been achieved, with the current
well capacity still substantially higher than the processing capacity of the FPSO Umuroa.
Water is being produced from the field, but at substantially lower rates than expected from
earlier field simulations.
Based on the current reservoir and facility performance and this upgrade in 2P oil
reserves, AWE has revised the Tui gross oil production target for the year to June
2008 from 10 million barrels to approximately 11 million barrels.
AWE’s managing director Mr Bruce Wood said: “The increase in 2P oil reserves is a great outcome for the Tui Joint venture.
“To have increased the reserves by almost 50 per cent since the start of production is an
outstanding achievement.
“The Tui Area Oil Project will deliver strong returns for AWE shareholders for the long term.” Participants in PMP 38158 are:
AWE * (Operator) 42.5% Mitsui E & P Australia Pty Ltd 35.0%
Stewart Petroleum Company Ltd (“New Zealand Oil & Gas”) 12.5%
WM Petroleum Ltd (“Pan Pacific Petroleum NL”) 10.0%
* New Zealand Overseas Petroleum Pty Ltd (22.5%)
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