ASX Announcement

3 May 2016

AWE's new Managing Director commences

Further to the Company's announcement on 19 March 2016, AWE advises that effective today, David Biggs has assumed the position of Managing Director of AWE Limited.

Accordingly, with effect from the close of business on 2 May 2016, Bruce Clement is no longer Managing Director of the Company.

Attached to this announcement is an Appendix 3X (Initial Directors Interest Notice) for David Biggs and an Appendix 3Z (Final Directors Interest Notice) for Bruce Clement.

For information please see our website www.awexplore.com or contact:

Managing Director Investor Relations

David Biggs Matthew Sullivan

AWE Limited AWE Limited

02 8912 8000 02 8912 8022

[email protected]

About AWE Limited

AWE Limited is an independent, Australian energy company focused on upstream oil and gas opportunities. Established in 1997 and listed on the Australian Securities Exchange (ASX: AWE), the company is based in Sydney with project offices in Perth and New Zealand. AWE has a substantial portfolio of production, development and exploration assets in Australia, New Zealand, and Indonesia.

Appendix 3X Initial Director's Interest Notice

Appendix 3X

Initial Director's Interest Notice

Rule 3.19A.1

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX's property and may be made public.

Introduced 30/9/2001.

Name of entity AWE Limited ABN 70 077 897 440

We (the entity) give ASX the following information under listing rule 3.19A.1 and as agent for the director for the purposes of section 205G of the Corporations Act.

Part 1 - Director's relevant interests in securities of which the director is the registered holder

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of "notifiable interest of a director" should be disclosed in this part.

Number & class of securities

Nil

+ See chapter 19 for defined terms.

11/3/2002 Appendix 3X Page 1

Appendix 3X

Initial Director's Interest Notice

Part 2 - Director's relevant interests in securities of which the director is not the registered holder

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Name of holder & nature of interest

Note: Provide details of the circumstances giving rise to the relevant interest.

Nil

Number & class of Securities

Part 3 - Director's interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of "notifiable interest of a director" should be disclosed in this part.

+ See chapter 19 for defined terms.

Appendix 3X Page 2 11/3/2002

Appendix 3Z Final Director's Interest Notice

Appendix 3Z

Final Director's Interest Notice

Rule 3.19A.3

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX's property and may be made public.

Introduced 30/9/2001.

Name of entity AWE Limited

ABN 70 077 897 440

We (the entity) give ASX the following information under listing rule 3.19A.3 and as agent for the director for the purposes of section 205G of the Corporations Act.

Part 1 - Director's relevant interests in securities of which the director is the registered holder

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of "notifiable interest of a director" should be disclosed in this part.

1. Approved at the 2013 AGM and to be tested for vesting 30 June 2016

2. Approved at the 2014 AGM to be tested for vesting 30 June 2017, pro-rated to the date on which Mr Clement's employment comes to an end.

+ See chapter 19 for defined terms.

11/3/2002 Appendix 3Z Page 1