- AWE sells its 57.5% interest in the Tui Area Oil Fields to Tamarind
- AWE's program to divest non-core and late life assets complete
AWE Limited (ASX: AWE) has agreed to sell it's 57.5% interest in the Tui Area Oil Fields to Tamarind Management Sdn Bhd (“Tamarind”), subject to customary consents from the New Zealand Government and Tui Joint Venture.
Under the terms of the agreement, Tamarind will acquire all of the outstanding shares of AWE New Zealand Pty Ltd and AWE Taranaki Limited, which together own 57.5% of Tui, for US$1.5m. Subject to Joint Venture consent, this includes Operatorship, assets and inventory, AWE's oil hedge book, and a working capital cash balance of US$10.8 million.
David Biggs, CEO and Managing Director, said that Tui was a landmark project for AWE that cemented its position as an offshore Operator.
“Tui has been an excellent production asset generating significant returns for AWE and our Joint Venture partners as well as substantial taxes and royalties for the New Zealand government. Following expressions of interest from a number of parties, AWE has opted to sell its interest in Tui to Tamarind because of their ability to maximise value from late life assets and their experience in decommissioning offshore oil projects.”
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