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This allows the 10 main AWEs and Ford's three aircraft elevators to be dedicated to their primary missions of ordnance and aircraft movement during real-world operations.
AWE Limited released its Targets Statement responding to the off-market takeover offer by CERCG Aus Gas Pty Ltd to acquire AWE for $0.73 per share (the CERCG Offer).
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 Limited announced its half year results for financial year 2018 (HY18).
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.
New AWE shares issued under the Institutional Placement will rank equally with existing AWE shares.
The project remains a valuable option for AWE should oil prices improve, Biggs said.
Cubic developed and installed the AWES system under a contract awarded in 1998.
AWE is at present aimed on moving towards Stage 2, a full field development phase that would increase production capacity up to 100 TJ/d.
Excellent well productivity and easy access to infrastructure will see AWE positioned as a low cost gas producer in Western Australia, Biggs said.
AWE Ltd announced the selection of David Biggs as its new CEO, effective May 2016.
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.