AWE: Interim result 2014

The results weren't quite as impressive as they first appeared but improvements are coming, says Gaurav Sodhi.

Higher production and higher profits featured in AWE’s half-year results. Production of oil and gas rose 28% from the prior period to 3m barrels of oil equivalent (mmboe), lifting revenue by 21% to $175m. Reported profit rose more than 500% to $82m, but that included a $75m profit from the part sale of the Ande Ande Lamut oil field during the period. On an underlying basis, profits actually fell 18% to $11m due to lower realised prices.


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