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AWE Limited released its Targets Statement responding to the off-market takeover offer by CERCG Aus Gas Pty Ltd to acquire AWE for $0.
Unlike traditional synthetic chemical water treatment, AWES products will rely primarily on natural processes to break down pollutants to elementary compounds to avoid harmful byproducts.
The AWE Directors encourage shareholders to read the Targets Statement in full, including the Independent Experts report, before making any decision regarding the Mitsui Offer.
AWE delivered a solid first half performance in FY18, punctuated by outstanding Waitsia appraisal well flow test results and a subsequent reserves upgrade.
AWEs CEO and Managing Director, David Biggs, said: AWE is firmly focused on delivering its key growth initiatives, particularly Stage 2 of the Waitsia Gas Project and the marketing of our uncontracted east coast gas reserves.
The companys strengthened balance sheet has AWE well positioned to move forward on our existing development projects, particularly commercial arrangements for Waitsia Stage 2 and upcoming activity at Casino-Henry.
Clement's employment is expected to come to an end in September 2016, or such earlier date should AWE and Clement come to an agreement, the company said.
Bruce Clement, AWEs Managing Director and CEO, said the sale of Sugarloaf was a major step in reshaping AWE to grow sustainably in a low oil price environment.