AWE Sees Revenue Increase, HSE Measurement Improves
AWE posted Wednesday a rise in revenue and production volume, and an improvement in its health and safety (HSE) measurement for the quarter ended Dec. 31, 2012.
In its quarterly report, AWE noted that sales revenue for the three months to Dec. 31, 2012, was at $80.6 million, up 13 percent from the previous quarter. The company produced 1.3 million barrels of oil in the same period, up 33 percent from three months ago.
AWE attributed the rise in production mostly to the resumption of output from the BassGas project and a ramp up in drilling activity at the Sugarloaf asset. The BassGas project – located offshore southeast Australia – was shut-in for ten months last year for platform upgrading works. AWE was able to restart production at the BassGas project in mid-October last year. For its onshore Texas-based Sugarloaf project, AWE saw increased oil and gas production through an additional 12 wells which were brought online last year. At present, the Sugarloaf project houses 63 producing wells.
AWE also saw improvements on the HSE front. The company posted zero Lost Time Injuries (LTI) for the quarter ended Dec. 31, 2012.
"Given the nature of our industry, it is important that we remain committed to our goal of zero harm and strive to ensure that our employees are award of safety at all times," AWE's Managing Director Bruce Clement said in a statement.
During the financial year 2011/12 ended June 30, the company recorded six LTIs across its operations. AWE acknowledged that the outcome was unacceptable.
AWE stated in its 2012 report that its key HSE objectives for 2012/13 include: recruiting a corporate HSE manager, developing an integrated HSE management system, implementing a recognition program for business units delivering the best safety performance and establishing systems for sharing best practices.
AWE is maintaining its target of zero LTIs for the financial year 2012/13.
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