JAKARTA (RambuEnergy) – AWE Limited, an Australian oil and gas company,has been removed from the official list at the ASX Limited at the close of trading on Tuesday (May 8) in line with with the listing rules,the company said in a statement.
The removal of the company fro the ASX was taken after the company is taken over by Japan’s Mitsui & Co., Ltd.
Mitsui announced on May 2 that its takeover bid for all of the ordinary shares in AWE Limited closed on the day.
Mitsui currently has a relevant interest in 96.47% of AWE’s issued share capital. As announced on 24 April 2018, Mitsui has commenced the compulsory acquisition process for the remaining AWE shares in accordance with the Corporations Act 2001 (Cth).
AWE Limited is an independent Australian energy company focused on upstream oil and gas opportunities.
Established in 1997 and listed on the Australian Securities Exchange (ASX: AWE), the company’s headquarters is in Sydney with an office in Perth. AWE has a substantial portfolio of production, development and exploration assets in Australia, Indonesia and New Zealand.
AWE has reshaped itself to operate sustainably in a low oil price environment. The company’s asset portfolio has been optimized to focus on gas in the near to medium term and is aligned with strengthening Australian domestic gas markets.
The company’s priorities center on the development of Stage 2 of the Waitsia gas project in Western Australia and securing new gas sales contracts for Casino and BassGas on the east coast at substantially higher prices.
AWE also continues to progress the Ande Ande Lumut oil project in Indonesia to ensure the project is development-ready should oil prices improve. (*)