Management Changes on the Horizon for AWE

AWE announced Monday that Bruce Phillips, the company's founder and managing director, will not be renewing his employment contract beyond November 2007.

Phillips has agreed to stay in his current role with the company until the second half of 2007 to oversee the start of commercial oil production in the company's fourth cornerstone asset area, the Tui Area oil project in New Zealand.

AWE also advises that Bruce Wood has agreed to join the company in April 2007, initially as executive director, Business Development and subsequently succeeding Phillips as managing director in the second half of 2007.

Under Phillips' guidance, AWE has grown from a junior exploration company into Australia's sixth-largest petroleum producing company with a market capitalization of more than $A1.2 billion and producing assets in Western Australia and in both the offshore Otway and Bass basins off the Victorian coast.

Phillips said:

"It is with obvious mixed feelings that I have decided to move on to new challenges after achieving what I set out to do with AWE nearly 10 years ago.

"However interests outside my role at AWE are taking an increasing amount of my time and will preclude me from fulfilling a 24/7 commitment in the years to come. Under such circumstances, it is in the best interest of shareholders that I make way for someone who can make such a commitment.

"Helping AWE grow to where it stands today has been immensely satisfying. The company is now in an excellent position, with a strong balance sheet, high quality assets, a good growth outlook and a talented work force guided by an experienced board of directors.

"I will miss my work at AWE, but am comforted by the fact that I will leave the company in good hands."

AWE's Chairman Bruce McKay said:

"The Board of AWE is indebted to Bruce Phillips for his exceptional contribution to the company, its shareholders and its employees. We thank him for his invaluable service: while we regret that he is moving on from AWE, we sincerely wish him all the best in his future endeavors.

"We are fortunate that Bruce Wood is joining AWE and we welcome his guiding hand through the years ahead as we consolidate the company's achievements and pursue opportunities for continued growth. Bruce Wood brings a career of significant Australian and international industry experience with BHP Petroleum, Shell, Triton Energy, his own consultancy Gas Strategies, Santos and most recently as CEO of Delhi Petroleum. Outside Australia, he has worked in Holland, France, USA and Central America as well as being involved in business development activities in Indonesia.

"The Board remains committed to improving the value of AWE and delivering increasing shareholder returns. We are confident that this planned change in executive management of the company will not detract from the continued pursuit of our objectives."

Related Companies
 Company: BHP Billitonmore info

 - GTI, BHP Billiton Partner on Permian Fracturing Test (Oct 26)
 - BLOG: Challenging Attitudes toward Sexuality in Oil, Gas (Oct 25)
 - BHP Chairman Steps Down After Samarco Delayed Retirement (Oct 20)
 Company: Santos Ltd.more info
 - Santos Names Roc Oil CEO Anthony Neilson as CFO to Replace Andrew Seaton (Sep 19)
 - Australia LNG Export Boom Pains Santos Amid Gas Struggle At Home (Aug 17)
 - Santos to Set Aside $1B in Impairment Charge for Queensland's GLNG Project (Aug 15)
 Company: Shellmore info

 - Shell Suspends Pacific Northwest Crude-By-Rail Project (Oct 7)
 - Norway Gas Plant Workers Agree Wage Deal, Avoid Strike (Oct 7)
 - Oil Industry Teams Up to Fight Cyber-Crime (Sep 29)
 Company: Australian Worldwide Exploration (AWE)more info
 - AziPac to Begin North Madura PSC Exploration in Java Sea by Year End (Aug 2)
 - Santos Successfully Drills the AAL-4XST1 Appraisal Well in the Natuna Sea (Jun 28)
 - Triangle Energy Buys Cliff Head Oil Field Offshore Perth Basin for $2.4M (Jun 21)
 Company: Delhi Petroleummore info
 - Beach Strikes Gas at Brownlow-1 in Cooper Basin (Nov 3)
 - Beach Renegotiates Finance Facilities (Jun 1)
 - Beach Reports Best-ever Quarterly Revenue, Production (Apr 26)
 Company: Triton American Energymore info
 - Management Changes on the Horizon for AWE (Nov 20)
 - Triton American Well Service Completes Acquisition of Instar Field Services (Sep 13)
 - Triton American to Lease 13,800 Acres in Barnett Shale Play (Feb 2)
 Company: Gas Strategiesmore info
 - Management Changes on the Horizon for AWE (Nov 20)
For More Information on the Offshore Rig Fleet:
RigLogix can provide the information that you need about the offshore rig fleet, whether you need utilization and industry trends or detailed reports on future rig contracts. Subscribing to RigLogix will allow you to access dozens of prebuilt reports and build your own custom reports using hundreds of available data columns. For more information about a RigLogix subscription, visit

Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
Oilfield Sales Representative - Outside Sales (Oil and Gas)
Expertise: Business Development|Project Management|Sales
Location: Odessa, TX
Manager, Probabilistic Risk Analysis Job
Expertise: Business Development|Research & Development|Technical Manager
Location: Minneapolis, MN
Project Controls Specialist
Expertise: Project Management
Location: Minneapolis
search for more jobs

Brent Crude Oil : $49.98/BBL 1.59%
Light Crude Oil : $49.18/BBL 1.56%
Natural Gas : $2.73/MMBtu 1.44%
Updated in last 24 hours