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.'
Operates 1 Offshore Rigs
- Independents Go Big in North Sea (Jan 03)
- European Oil Producers' Weak Hedging Shows Bet on Price Rebound (Jul 31)
- Mexico Oil Privatization Pays Off With Billion-Barrel Find (Jul 12)
Company: Australian Worldwide Exploration (AWE) more info
- Waitsia Gas Project Exceeds Pre-Production Expectations (Dec 22)
- Waitsia JV Approves 2017 Development Activities Budget (Dec 09)
- AWE Commences Gas Sales from Stage 1 of Waitsia Gas Project in Perth Basin (Aug 29)