 AWE also appointed a new Managing Director
Bruce Clement
Bruce Clement is an engineer with over 30 years experience in the Australian and international petroleum industry. His career has included senior technical, financial and managerial roles with small and large energy companies, including ExxonMobil, Ampolex, and Roc Oil.
Bruce was appointed Managing Director of AWE Limited on 1 February 2011.
Our Strategy, Our Progress and Our Future
The Company’s goal is to be the leading energy company in Australia, with a sustainable business providing superior returns to shareholders.
AWE’s future strategy will focus on technical and commercial excellence and discipline. The strategy comprises a number of key elements including maximising the value of the Companies core assets, exploiting opportunities adjacent to AWE’s existing assets and infrastructure and achieving growth through selective exploration and acquisition in the energy industry. The Company is focussed on delivering a sustainable business: one in which we work openly with our stakeholders and which is capable of operating and growing within the future low carbon environment.
AWE consolidated its financial position over the latter part of 2010-11 and has chosen to reduce its near term investment in exploration. The focus for exploration during 2011-12 will be on exploration for gas in Australia and Indonesia, including unconventional gas in the onshore Perth Basin in Western Australia. If successful, the tight gas and shale gas initiative in the Perth Basin has the potential to significantly increase the reserves base and value of the Company.
Delivery of the BassGas Mid Life Enhancement Project (“MLE”) in the offshore Bass Basin will be a major focus for AWE over the next two years and will involve a substantial capital investment for the Company. The MLE will deliver improved production capability and provide the opportunity for the joint venture to exploit additional potential oil and gas resources within the Yolla field. The enhanced facilities will also be capable of supporting the future potential development of contingent resources near Yolla, such as the Trefoil gas and condensate field.
AWE is in a sound position, with a strong financial foundation. The Company holds an excellent portfolio of production assets, which will generate substantial cashflow for more than the next 10 years, and growth opportunities in its unconventional gas business in Australia and the USA and in already discovered Contingent Resources. Management and the Board will seek to leverage this position to secure additional growth opportunities and deliver improved returns for shareholders.
Bruce Clement
Managing Director |
