Australia's AWE completes placement shares

Australian Worldwide Exploration Limited (AWE) announced Wednesday it had successfully completed a placement to raise A$120 million.

AWE said earlier it would use part of the proceeds to finance the development of a liquid petroleum gas (LPG) project in South Sumatra.

The company said it was budgeting A$30 million (up until first production at the end of 2006) to set-up its Indonesian operation and complete the remaining construction activities on the LPG plant.

AWE is an Australian oil and gas exploration and production company listed on the Australian Stock Exchange. (Robert)