AWE Limited has completed the sale of an 11.25% interest in T/L1 (BassGas infrastructure & Yolla field) and a 9.75% interest in T/18P (Trefoil field) to Prize Petroleum, a Hindustan Petroleum unit.
Total consideration for the sale was $85 million and the payment is structured in three tranches, the company said in a statement.
All joint venture and government approvals for this transaction have been received and AWE now holds 35% in T/L1 (BassGas/Yolla) and 35% in T/18P (Trefoil).
Other participants in the BassGas project are Origin Energy with 42.50% stake as operator, Toyota Tsusho Gas E&P Trefoil with 11,25% and Prize Petroleum with 11.25%.
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Press Release; Image: AWE Limited