AWE raises $14m to fast-track trans-Tasman exploration and development

AUSTRALIAN Worldwide Exploration has successfully concluded its recent share purchase plan, raising approximately A$14 million primarily for accelerated exploration and development in the Otway Basin and Taranaki, New Zealand.

The Sydney-headquartered firm on Friday told the ASX that a total of 8,344,500 ordinary shares had been issued at a price of UA$1.68, with about 44% of eligible shareholders participating in the Share Placement Plan (SPP).

AWE managing director Bruce Phillips said the SPP and the recent institutional placement had provided total additional funding of approximately A$78 million.

This would provide flexibility in the funding of the offshore Taranaki Tui development, the Trefoil feasibility study, the anticipated accelerated exploration activity in the Otway and Taranaki Basins, as well as new venture opportunities and working capital, according to Phillips.

AWE now expected to be fully funded through the development of the Casino, Cliff Head and Tui-Amokura-Pateke developments.

“In conjunction with the recent progress of the BassGas project and the imminent commencement of cashflows, AWE is well placed for the future,” Phillips said.