Overview
The 2008-09 financial year has been a difficult one and AWE has not been immune from the effects of the global financial crisis. However, despite the sharp fall in oil price and difficult market conditions, AWE’s business has performed well throughout the year producing 8.75 million barrels of oil equivalent, and achieving revenue of $590 million on an average oil price of $93 per barrel. Cashflow was strong, and a 30% step forward in oil and gas reserves was also recorded.
The Company is in a strong position with robust long- term oil and gas reserves to sustain the business for more than the next 10 years, supported by both oil production and by long-term contracted gas production at BassGas and from the Otway Basin.
In the current financial year, AWE will remain focused on the issues that have added substantial shareholder value over the past 12 years; delivering our base production targets, exploiting near field opportunities and pursuing growth options via exploration and prudent acquisitions. As always our key measurement indicator for this activity is the pursuit of superior long-term shareholder returns.
AWE has made significant progress in its campaign to develop its sustainability culture. AWE’s commitment to sustainability is well understood at all levels of the Company. Safety is the Company’s highest priority and AWE is very proud to report that last year, every employee and every contractor in every operation, went home every day without suffering a single lost time injury.
We have also upgraded our reporting in the key area of sustainability. The focus on this work is to monitor and improve our key performance indicators in the area of health and safety, greenhouse emissions, community involvement, human capital and engagement with stakeholders. These activities have always been a key part of the way we conduct our business, and they are now being reported to shareholders in our annual Sustainability Report.
In the last year AWE’s geographic focus has also expanded with the AWE/Mitsui scouting alliance in Europe. AWE and Mitsui are working together to search for new investment opportunities in Europe that will deliver new growth to the Company and reward shareholders.
The whole team remains very focused on working to deliver shareholder value over the longer term by delivering on base business, and through growth.
The following operational review outlines AWE’s recent activities and provides details of the exciting drilling program that is now underway.
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