AWE to raise $48m for Waitsia

AWE Limited has tapped investors for $48 million to help fund Stage 2 of its Waitsia natural gas project in WA and strengthen its balance sheet.

“This equity raising will provide partial funding for Stage 2 of the Waitsia Gas Project while providing AWE with the flexibility to achieve the best possible outcomes in terms of east and west coast gas sales and the construction options for the Waitsia Stage 2 facilities,” AWE chief executive and managing director David Biggs said.

“The successful Waitsia appraisal program has substantially de-risked the field’s sub-surface modelling and proved up substantial additional reserves.”