re: Ann: Adelphi Announces Share Placement an...
30/01/2009 1:15pm
Cashed-up oil and gas producer Australian Worldwide Exploration Ltd (AWE) says low oil prices and reduced production levels curbed its revenue in the December quarter.
Sales revenue of $140 million in the three months to December was 44 per cent lower than the previous quarter.
Oil and gas production totalled 2.12 million barrels of oil equivalent (mmboe) for the December quarter, down from a record 2.65 mmboe for the corresponding quarter in 2007.
AWE said it expected its share of production for the 2008/09 financial year would be nine mmboe, down from its previous forecast of 9.3 mmboe.
Full year sales revenue is expected to be about $600 million, down from its previous guidance of $730 million, due to lower oil prices.
The company said it had net cash reserves of $383 million at the end of December.
Shares in AWE were down two cents at $2.66 at 1306 AEDT on Friday.
re: Ann: Adelphi Announces Share Placement an... 30/01/2009...
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