AWE sells interest in Bass Basin permits to HPCL

AWE Ltd.

AWE Ltd. has completed the sale of an 11.25% interest in T/L1 (BassGas infrastructure and Yolla field) and a 9.75% interest in T/18P (Trefoil field) in the Bass Basin of Australia to Prize Petroleum Co. Ltd., a wholly owned subsidiary of Hindustan Petroleum Corp. Ltd. (HPCL).

Total consideration for the sale was $74.3 million (AUD 85 million). The effective date for the sale is July 1, 2013, and it is subject to completion adjustments relating to the net income received and capital invested since this date. The completion adjustment will be finalized prior to the end of the calendar year.

Proceeds of the completion funds of $55.9 million (AUD 64 million) will be used to repay drawn debt and to fund development projects. 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).

Participants in the BassGas project are AWE Ltd. (via subsidiaries), 35%; Origin Energy (via subsidiaries) (operator), 42.5%; Toyota Tsusho Gas E&P Trefoil Pty Ltd., 11.25%; and Prize Petroleum Co. Ltd., 11.25%.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Reduce Engineering Project Complexity

Engineering document management presents unique and complex challenges. A solution based in Enter...

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...