AWE Strengthens Future Financing Flexibility

AWE has completed an extension and expansion to the Company's expiring unsecured corporate debt facility which is currently undrawn.
The facility has been expanded from A$135 million to A$150 million, on competitive terms. The facility is available for general corporate purposes and may be drawn in either Australian or United States dollars.

In addition, the facility provides an amortizing US $22.8 million letter of credit relating to AWE's obligations under the Tui FPSO charter.

The extension of the existing facility for a further three years to December 2012, combined with AWE's existing cash balances, provides flexibility and certainty of funding, particularly if global financial markets deteriorate again.

It will support any development activities resulting from success in the Company's major exploration campaign that is currently underway, as well underpinning AWE's pursuit of other growth opportunities.

The facility is being provided to AWE by its current financiers, ANZ and BOS International.