2010-11 was a challenging year for AWE shareholders and a year in which the Board and Management of the Company has been transformed.
AWE completed the tail end of its major exploration program. The lack of major success over this two year program coincided with the global financial crisis, and the announcement of a new Carbon Tax and a new onshore Petroleum Resource Rent Tax in Australia. This combination of factors resulted in the Company’s share price underperforming.
However, the Company has implemented changes to address its recent underperformance and to build a foundation for future growth and success. AWE is now in a sound financial position, with an excellent portfolio of diverse production assets delivering strong, long term cash flows.
The Company’s strategy has been revised and a number of Board and Management changes have been implemented. The forward strategy will involve a greater technical and commercial focus aimed at maximising the value of the Company’s assets and delivering a profitable and sustainable future. AWE will pursue growth through selective exploration and acquisition opportunities. This will include opportunities in the broader energy industry as well as in conventional upstream oil and gas. The Company’s recent successful entry into unconventional gas through the Adelphi takeover represents an initial investment in the broader energy area.
AWE appointed a new Chairman, Bruce Phillips, and a new Managing Director, Bruce Clement, during the year. Two new Non-Executive Directors, Nick Jukes and Vijoleta Braach-Maksvytis, were also appointed. These appointments provide a wealth of additional industry and business experience for the Board, bringing renewed energy and direction for the future.
With a renewed Board and Management comes a new direction and improved expectations for the future
Back to Top
