ASX Announcement 27 January 2016 AWE sells US Shale Assets for USD 190 million cash (AUD 271 million) AWE agrees to sell its 10% working interest in the Sugarloaf project to US-based Carrier Energy Partners II, LLC for USD 190 million (AUD 271 million) before tax Additional USD 9 million (AUD 13 million) payment to AWE for past drilling costs Sale proceeds will be used to repay all debt, resulting in an estimated net cash position of AUD 60 million at closing (March 2016) AWE well positioned to progress the full field development of the Waitsia gas project in Western Australia AWE Limited (ASX: AWE) today announced that it had entered into an agreement to sell its 10% working interest in the Sugarloaf Area of Mutual Interest (AMI) to Carrier Energy Partners II, LLC (CEP II), for cash consideration of USD 190 million (AUD 271 million). CEP II is a Houston, Texas USA, based private oil and gas company, focused on the acquisition and exploitation of upstream assets. AWE has received a deposit of USD 14 million (AUD 20 million) and the transaction is expected to be completed by the end of March 2016. The sale proceeds of AUD 271 million will be used to repay debt drawn under the Company’s debt.
Who would thought this could happen.
AWE Price at posting:
63.0¢ Sentiment: Hold Disclosure: Held
