AWE: Interim results 2013

An underwhelming set of results disguises better days ahead.

AWE’s interim result was blighted by past problems at the BassGas project which contributed to a 20% fall in output to 2.3m barrels of oil equivalent (mmboe). Higher oil and gas prices partly offset lower production resulting in an 8% decline in revenue to $145m while net profit fell 56% to just $13.2m, translating to earnings per share of 2.5 cents, 56% lower than the corresponding period.

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