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Company News Summary

AWE Notes Strategic Perth Basin Acquisition by Key Petroleum

13 Oct 2017  |  10:30:00  |  Associate analysts  |  Increase  |  Decrease  |  

Original announcement: KEY: Strategic Perth Basin Acquisition

AWE noted that Key Petroleum announced subsequent to the agreement of binding terms for the acquisition of AWE Perth's (a wholly owned subsidiary of the Company) 100% interest in Production Licence L7 (R1) (L7), located in the onshore Perth Basin, the Sale and Purchase Agreement has been executed by all the parties. Terms of the L7 Sale and Purchase Agreement include an upfront payment to Key of AU$0.38m from AWE Perth upon completion of the sale. Reimbursement of L7 rehabilitation costs up to an agreed amount of AU$1.9m and Key Australia will assume operatorship of L7 and all associated liabilities post completion of the sale.

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