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Record AWE full year profit

ASX Announcement
Record AWE full year profit
August 22, 2008

Performance

Australian Worldwide Exploration Limited (“AWE”) has earned a profit after tax of $264 million for the financial year.

The profit result before tax was a record $504 million and was derived from annual revenue of $821 million generated from strong oil and gas production and unprecedented international crude oil prices.

The company substantially exceeded budgeted production rates generating 9.9 million barrels of oil equivalent (oil and gas combined) in the year largely due to better than expected production from the Tui oil field (AWE 42.5%).

AWE finished the 2007/08 financial year with a very strong balance sheet having repaid all corporate debt during the year, completing capital expenditure on all four cornerstone assets and carrying $339 million in cash at June 30.

Outlook

AWE is in a strong position to finance the next phase in the company’s growth.

This growth includes the development of the Henry gas field, expected to produce gas in the first half of 2009 and the likely development of the nearby Netherby gas discovery, both located in the offshore Otway basin.

Since the end of the financial year AWE has received all approvals necessary to complete a merger with ARC Energy Ltd (“ARC”) which will add substantially to AWE’s 2008/09 oil and gas production rates.

The completion of the merger with ARC will give AWE a greater share of revenues from the BassGas and Cliff Head projects and provide significant exposure to the onshore Perth basin.

AWE’s Managing Director, Bruce Wood said:

“AWE has completed the 2007/08 financial year in excellent financial shape and with a number of growth opportunities still ahead.

The company will maintain our traditional focus on growth from exploration success but is also very well positioned to take advantage of any corporate opportunities which may arise.

AWE is keen to build on the success of the past financial year to continue to create value for shareholders."

080822_Press_Release_with_MDA.PDF
080822_Annual_Financial_Report_2008.pdf
080822AWE_Results_presentation.pdf

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