AWE Decreases June '09 Oil, Gas Production Forecast by 3%
Australian Worldwide Exploration has commented on press stories on the company's forecast oil and gas production.
AWE advises that it is currently forecasting full year end June 2009 production of 9.0 million barrels of oil equivalent ("mmboe"), a decrease of 3% from the previous forecast of 9.3 mmboe which was advised in the September 2008 quarterly report and issued on October 31, 2008.
The majority of this decrease can be explained by an unscheduled disruption to production facilities at BassGas, the details of which were previously advised on November 19, 2008 and updated on December 31, 2008.
This updated production forecast compares with actual production of 9.9 mmboe reported for the full year ending 30 June 2008. This decrease is as expected and is mainly a consequence of the expected natural decline in production from the Tui fields in New Zealand. However, production at Tui remains strong with the full year forecast remaining at the previously advised level of 9.0 mmboe (AWE share 3.8 mmboe).
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