AWE Sells PNG Interests

Australian Worldwide Exploration Limited, on behalf of its wholly owned subsidiary, Greenslopes Limited ("AWE") reports that it has agreed to sell its onshore oil and gas interests in Papua New Guinea.

The PNG interests, which comprise 26.82% of PRL 4 and 15.0% of PRL 5, were sold subject to the pre-emptive rights under the respective joint venture agreements. A majority of the existing joint venturers have pre-empted the sale. The consideration for the sale is A$500,000 cash.

The sale of these interests remains subject to regulatory approvals.

Commenting on the sale, AWE's managing director Mr. Bruce Phillips said:
"While the sale of the PNG oil and gas interests is not material for our business, the transaction indicates that AWE is committed to remaining focused on its cornerstone asset areas."