Australia: AWE Sells BassGas Stake to Toyota Tsusho

An Australian based oil and gas exploration and production company, AWE Limited, has completed the sale of 11.25% interest in T/L1 and a 2.75% interest in T/18P in the Bass Basin to Toyota Tsusho Gas E&P Trefoil Pty Ltd (“Toyota Tsusho”).

Accordingly, AWE has received the cash consideration of $80.125 million from the sale. Further, working capital adjustments representing Toyota Tsusho’s net cash flows from the assets between the effective date of 1 November 2011 and the completion date will be settled by the parties in the June 2012 quarter.

“AWE looks forward to working with Toyota Tsusho and Origin Energy to successfully complete the major investment phase of the BassGas Mid Life Enhancement Project and to benefiting from the future long term production of gas and condensate from the project,” said the company in a statement.

The BassGas project consists of an offshore, unmanned wellhead platform connected by pipeline to the gas processing facility at Lang Lang.  The BassGas Mid Life Enhancement Project (MLE) commenced in 2011. This project will entail the installation of accomodation and compression on the Yolla platform and the subsequent drilling of a further 2 production wells.

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Offshore Energy Today Staff, March 30, 2012; Image: AWE Limited