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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Awe Ltd Fpo | ASX:AWE | Australian Stock Exchange | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0 | - |
From Jul 2019 to Jul 2024
By Robb M. Stewart
MELBOURNE, Australia--Australian oil and natural gas producer AWE Ltd. (AWE.AU) aims to wipe out its debt with a deal to sell a minority position in a Texas shale-energy operation.
AWE said Wednesday it has agreed to sell its 10% working interest in the Marathon Oil Corp.-operated (MRO) Sugerloaf project to Carrier Energy Partners II LLC for US$190 million, before tax, plus an additional US$9 million for past drilling costs.
The proceeds will be used to repay debt, leaving AWE with a net cash position of about 60 million Australian dollars (US$42 million), it said.
AWE said the sale is expected to generate a non-cash profit after tax of about A$16 million.
The Sugerloaf project in the Eagle Ford region of Texas covers about 24,000 acres. Marathon Oil has a 55% stake in the project, and Baytex Ltd. has about 28% through subsidiaries.
Write to Robb M. Stewart at robb.stewart@wsj.com
(END) Dow Jones Newswires
January 26, 2016 18:25 ET (23:25 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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