Carrier acquires Sugarloaf interests from AWE

Carrier Energy Partners, Sugar Land, Tex., has acquired certain US Sugarloaf shale assets in the Eagle Ford area in South Texas from Sydney-based AWE Ltd. for $190 million in cash.

The deal, which is expected to close in March, leaves AWE in a net cash position of $60 million (Aus.) after repayment of all debts. The company says it intends to recycle capital into ground-floor developments like the Waitsia gas development onshore Perth basin in Western Australia.

AWE acquired its 10% interest in Sugarloaf in 2010 and worked with operator Marathon Oil Corp. to develop the shale asset. However, with Sugarloaf now entering a more mature phase of production and development, AWE has decided the time is right for divestment and focus on the next project.

Waitsia achieved final investment decision in early January for Stage 1 development. Production will provide early cash flow from mid-2016.

Once the Sugarloaf sale is finalized, AWE will continue to focus on projects such as Waitsia, BassGas (Bass basin, Tasmania), and Casino gas (offshore Otway basin, Victoria), which are weighted to near-term production. AWE also is involved with undeveloped assets such as the Ande Ande Lumut oil project in the Northwest Natuna Sea offshore Indonesia.

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


Making DDoS Mitigation Part of Your Incident Response Plan: Critical Steps and Best Practices

Like a new virulent strain of flu, the impact of a distributed denial of service (DDoS) attack is...

The Multi-Tax Challenge of Managing Excise Tax and Sales Tax

To be able to accurately calculate multiple tax types, companies must be prepared to continually ...

Operational Analytics in the Power Industry

Cloud computing, smart grids, and other technologies are changing transmission and distribution. ...

Maximizing Operational Excellence

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