AWE ups reserves estimate at flagship Waitsia gas field

Sydney

AUSTRALIAN gas producer AWE Ltd raised the reserves estimate on its flagship Waitsia gas field, and said further upgrades were likely, raising the stakes for two suitors vying to take over the company.

AWE's shares rose 1.5 per cent on Tuesday on the back of the announcement, valuing the company at A$511 million (S$528.3 million) and topping the offers from Australian miner Mineral Resources Ltd and state-owned China Energy Reserve and Chemicals Group (CERCG).