Australian Worldwide Exploration Ltd (AWE), which has merged with Arc Energy Ltd, says it has a number of growth opportunities ahead after delivering a rise in profit for the year. Profit during the twelve months to June 30 climbed 647 per cent on the corresponding period of 2006/07 to $264.36 million on increased output and record oil prices during the half. AWE's flagship is a 42.5 per cent interest in the Tui oil project in New Zealand, which produced a higher-than-expected 14.2 million barrels during the financial year. "AWE has completed the 2007/08 financial year in excellent financial shape and with a number of growth opportunities still ahead," managing director Bruce Wood said in a statement. The company said the first priority was to repay financial obligations and the second was to fund ongoing exploration and new...
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