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Australian Worldwide Exploration Ltd, Australian oil and gas exploration and production company
Australian Worldwide Exploration Limited (AWE) is an Australian oil and gas exploration and production company listed on the Australian Stock Exchange (ASX). The company was formed to appraise oil and gas discoveries in its initial asset portfolio and to build a significant international petroleum exploration and development entity through further international asset acquisitions. The company’s board and senior management have extensive experience in the upstream petroleum industry, with involvement in exploration and production ventures in over 50 countries. The company has a large technical and commercial data base in selected countries and is well placed to evaluate future opportunities. AWE’s focus is on exploration and appraisal-type assets, in regions of proven prospectivity and where there is a high chance of commercial success. This focus includes currently marginal fields, whose worth may be improved by alternative and innovative appraisal and development approaches. AWE was founded in Australia in 1997 with assets including interests in the Kipper, Basker & Manta gas and oil fields in the Gippsland Basin, Australia, the Pillantoqui tight gas field in Argentina and exploration acreage in the prospective thrustbelt of the Taranaki Basin of New Zealand. In early 1999, AWE sold its minority interests in the Kipper, Basker, Manta, and Gummy gas and oil fields for A$18 million. In late 1999, AWE acquired a 96% controlling interest in Omega Oil NL. Omega became a wholly owned subsidiary in September 2002, following a shareholder approved reduction in share capital within Omega. In January 2000, AWE acquired all of the Australian assets of Premier Oil plc, including a 33% share of the producing Beharra Springs gas field located in the Perth Basin, Western Australia. In addition, AWE acquired 30% of the undeveloped Yolla field in Bass Strait, and building on the experience gained in the Kipper/Basker/Manta fields, aims to bring the field to commercial development in 2005. During 2001, AWE commenced development of the Las Bases and Estancia el Colorado gas fields in Argentina and the Beharra Springs North gas field onshore Western Australia, on discoveries made by the Company. In early 2002 the Company also announced the Cliff Head wildcat oil field discovery in the Perth Basin off the west coast of Australia. This discovery opened a new play trend the company decided to explore aggressively. Development activity commenced on the Cliff Head oil project in March 2005. An additional wildcat oil discovery was made in early 2003 at Tui-1 in the offshore Taranaki Basin in New Zealand. In early 2004, further oil discoveries were made at the nearby Amokura-1 well and at the Pateke-2 well. In October 2004, the Tui/Amokura/Pateke oil discoveries were declared commercially viable to develop. In mid 2003, AWE acquired a 25% interest in VIC/P44, including the Casino gas field in the offshore Otway Basin in Australia. The Casino field was successfully appraised in Q4, 2003 with the Casino-3 well which proved-up a 290 metre gas column. The Casino joint venture commenced FEED activities in early 2004 and in October 2004 the joint venture approved the project for development, subject to the receipt of normal regulatory approvals. In early 2006, AWE purchased 100% of the shares in New Zealand Overseas Petroleum (“NZOP”). NZOP holds a 22.5% interest in the Tui Area oil project and some additional oil exploration acreage in the offshore Taranaki Basin. As a result of the purchase, AWE’s equity in the Tui Area oil project increased to 42.5% will operate the Tui Area oil project. In early 2006, oil and gas production commenced at the Casino, Cliff Head and BassGas projects.
Australian Worldwide Exploration Ltd Company Tags: Australian Worldwide Exploration Ltd Sydney, Australia, Australian Worldwide Exploration, Oil, gas exploration, australia, australian, petroleum
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