Premier Sells Shares in Australian Worldwide Exploration

Premier has sold its entire shareholding in Sydney-based Australian Worldwide Exploration Limited (AWE) for a net cash amount of A$33 million (13.1 million).

As of December 31, 2002, Premier reported proforma net debt of 47.1 million. Taking the benefit of this share sale into account, proforma net debt and gearing falls to 34 million and 13% respectively.

Charles Jamieson, CEO of Premier, said: 'The sale of our shares in AWE is another step in our program of rationalizing our portfolio and releasing value from non-core assets. This puts Premier in an even stronger position to pursue exploration and commercial dealmaking opportunities.'


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