AWE Limited (ASX:AWE) is a small oil and gas explorer and producer. The majority of its operations are located in Australia and New Zealand, though the company is becoming increasingly interested in international operations.
The company’s major projects are the onshore Casino gas field (Otway Basin, SA), Cliff Head project (Perth Basin, WA), the BassGas project (VIC & TAS), and now in the Perth Shale Gas Basin. AWE is listed on the Australian Stock Exchange and is a member of the S&P/ASX 200.
AWE today agreed to sell a stake of its Bass Basin gas project to Toyota Tsusho for a cash consideration of $80 million.
The company stating that the sale will inject cash into the balance sheet, and also reduce the risk-exposure to the capital expenditure requirements for the Bass Basin project.
AWE also announced a special $0.05 fully franked cash dividend.