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Bank ups stake

THE Commonwealth Bank of Australia has boosted its holding in Australian Worldwide Exploration by 10 per cent, taking its interest to 19 per cent.

AWE, with substantial interests in the Perth Basin, attracted eight institutional investors onto its register through a $37 million equity raising last month. Managing director Bruce Phillips said that while the company was focusing on its Perth Basin interests this year, the main interest for the institutional investors (and the reason for the fund-raising) was the development of the joint venture BassGas project, in Bass Strait.

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