Saw AWE’s full year announcement yesterday and it again made me...

Saw AWE’s full year announcement yesterday and it again made me reflect on what Casino is missing out on.

Now AWE is the sort of company that MEL would look like if it managed the first stage its Northern Rivers development. Coincidently AWE has a 25% interest in a Casino Gas Project, however that particular Casino Gas Project is offshore Victoria.

AWE’s full year production was 5 million barrels of oil equivalent which is about the same as a gas field producing 30 PJ per year. This is the sort of production for which the Lions Way pipeline was required. So reflects an MEL after two to five years operation.

How would this sort of company reward the community, the government and its shareholders?

100 people are directly employed of which more than 40 are women and around 70 are under 50.

It supports directly and indirectly more than 500 people

In the twelve months its contribution to the community was as follows: -

Paid more than $30 million in taxes. Plus additional amounts for royalties.

Paid $10 million for direct Salaries and Wages.

For the shareholders

$17 million in profit, but did not distribute a dividend.

Some of the above numbers were taken directly from AWE’s announcements while others were inferred.

Just imagine how big a difference this sort of company would make if it was based in the Northern Rivers Casino. And this would just be the start for MEL.