Offshore staff

NORTH SYDNEY, Australia – AWE has received an unsolicited takeover proposal from China Energy Reserve and Chemical Group (CERCG) Australia.

The latter is offering to acquire 100% of the shares in AWE at a price of $0.71 cash per share, pursuant to either a recommended takeover bid or scheme of arrangement (Indicative Proposal).

AWE, which has production and development interests in the Bass Strait off southeast Australia and offshore Indonesia, understands that CERCG is a Chinese state-owned entity with operations in oil and gas trading, logistics, distribution and supply services located in China.

11/30/2017