News: AWE AWE Ltd sells US shale assets

Jan 27 (Reuters) - AWE Ltd (AWE) :

• AWE sells US shale assets for USD190 million cash (AUD271M) (AWE)
• AWE agrees to sell its 10% working interest in the sugarloaf project to US-based Carrier Energy Partners II, LLC
• Sale proceeds will be used to repay all debt, resulting in an estimated net cash position of AUD 60 million at closing (March 2016)
• Says sale is expected to generate a non-cash profit after tax of approximately AUD 16 million
• Says the sale of the sugarloaf asset will reduce awe's production, sales revenue and development expenditure guidance for the 2015-16 financial year
• AWE was advised on this transaction by UBS Investment Bank.