AWE Awe Ltd Fpo

   By Robb M. Stewart 
 

MELBOURNE, Australia--Australian oil and gas producer AWE Ltd. (AWE.AU) has poached as its new chief executive the boss of smaller Cue Energy Resources Ltd. (CUE.AU), David Biggs.

AWE said Friday Mr. Biggs would begin as CEO and managing director in early May. He succeeds Bruce Clement, who announced in October he would step down in 2016 after five-and-a-half years in the role.

The company earlier this week completed the sale of its 10% stake in a U.S. shale energy project for US$190 million, plus a further US$19 million for past costs, which it has said will wipe out its debt and leave it in a net cash position. Last month, AWE posted a widened loss of 273.9 million Australian dollars (US$209.5 million) for the six months through December as oil and gas prices continued to weaken and it racked up additional impairment charges.

Mr. Biggs has been CEO of Cue Energy for the last three years, before which he spent almost 20 years with BHP Billiton Ltd.'s (BHP.AU) petroleum division. He has more than 35 years experience in the energy field, working in Australia, New Zealand, Indonesia and the Americas.

Separately, Cue Energy said Mr. Biggs would leave the company April 15. A replacement would be announced in due course, it said.

Write to Robb M. Stewart at robb.stewart@wsj.com

(END) Dow Jones Newswires

March 17, 2016 18:23 ET (22:23 GMT)

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