AWE : 2017 Annual Report

24 October 2017

Please find attached AWE's 2017 Annual Report.

Neville Kelly

Company Secretary

I N S E R T

A WE LIMITED

Annual Report

The AWE Limited 2016-17 Annual Report includes the Directors' Report, Remuneration Report, Financial Statements and Auditor's Report and provides a summary of the company's main operating activities and financial performance for the financial year ended 30 June 2017.

When we refer to AWE in this report, we are referring to:

+ AWE Limited (ABN 70 077 897 440) which is the parent public company of the AWE Group and is listed on the Australian Securities Exchange (ASX) under the ticker code AWE; and

+ Our major operating subsidiaries and controlled entities.

All $ values are Australian dollars unless otherwise specified.

All dates are calendar year unless specified as Financial Year (e.g. FY17).

Financial data on pages 1-23 represent combined continued and discontinued operations unless otherwise specified.

Shareholders can request a printed copy of this report by writing to the Company Secretary, AWE Limited, Level 16, 40 Mount Street, North Sydney, NSW 2060, Australia.

This report is also available online at www.awexplore.com

CONTENTS

2

4

8

10

12

18

24

25

26

39

57

104

109

113

114

116

117

118

119

FY17 Highlights

Chairman and CEO's Report Performance Summary Operational Overview

Major Projects Sustainability

Board and Management Financial Report Directors' Report Remuneration Report Financial Statements Auditor's Report Reserves Report Additional Information

Production and Exploration Permits Glossary

Conversion Tables

Stock Exchange and Shareholder Information

Five Year Financial Summary

A WE LIMITED ANNUAL REPORT 2017 1