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AWE Signs Redback Gas Sale Agreement

AWE Limited announced that it had signed a new gas contract for the sale of Perth Basin gas to the Western Australian energy retailer Synergy. This contract execution has been made possible by recent significant gas discoveries in the Perth Basin, and includes all of AWE’s currently uncontracted gas in its existing gas fields and also includes the recent developments at Corybas-1 (AWE 50.0%), Redback South-1 and Redback-2 (AWE 33.0%) wells. The gas sales will start immediately and will be for a period in excess of 5 years. Under the agreement with Synergy, AWE will sell up to 38 Petajoules of gas, and under a separate arrangement with Origin Energy, AWE will source up to 25 PJ of this gas from Origin’s Perth Basin interests including Redback, Redback South and Corybas 1. The contract is subject to confirmation of reserves by the end of 2010 and WA Ministerial approvals.