Australian LNG player Santos agreed to sell its Victorian assets to Cooper Energy for a price of up to A$82 million (Approx. US$62.5 million).
With the sale, Santos exits offshore Victoria, the statement issued on Monday reads. Santos has already sold the Kipper gas field for A$520 million earlier in March.
The assets sold to Cooper Energy include 50 percent interest in the Casino-Henry gas project, 50 percent interest in the Sole gas field and the Orbost gas plant, a 10 percent in the Minerva gas field and gas plant and 100 percent interest in the Patricia-Baleen gas field.
In the first half of 2016 Santos’ share of production from these assets was 5.2 petajoules of sales gas.
The total cash consideration is A$82 million, comprised of A$62 million at completion and a further milestone payment of A$20 million upon the earlier of a final investment decision on the Sole gas project or the receipt of cash proceeds from any sell-down by Cooper Energy of any of its interest in the sale assets.
Completion of the transaction is expected in early 2017.
1 AUD = 0.762183 USD