AWE: Result 2012

AWE result reflected delays and cost escalation at BassGas.

AWE reported a statutory loss of $66.5m for the full year as a result of earlier writedowns at BassGas. On an underlying basis, AWE generated a net profit of $14.8m, translating to earnings per share of 2.8 cents. Although the company paid a 5 cent special dividend in January this year, no ongoing dividend was declared. Operating cashflow was 11% lower at $124m, reflecting lower production of 4.7m barrels of oil equivalent (mmboe) because of production stoppages at BassGas.

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