AWE sold its 11.25% interest in T/L1 (BassGas infrastructure & Yolla field) and a 9.75% stake in T/18P (Trefoil field) to Prize Petroleum and the payment will be made in three tranches.
AWE managing director Bruce Clement said the successful completion of the sale of an 11.25% interest in BassGas is another strategic milestone for AWE.
"Preparations are well underway for the final two stages of the BassGas Mid Life Enhancement (MLE) project with the gas compression and condensate pumping modules lifts scheduled for late 2014, and the drilling of two development wells in early 2015."
Featuring an offshore wellhead platform connected by pipeline to the gas processing facility at Lang Lang, Victoria, the BassGas gross production is expected to increase to between 60 and 70 TJ per day, up from the 40 TJ per day average achieved in the September quarter.
The BassGas project is operated by Origin Energy with 42.5% stake while AWE holds 35% interest.
Toyota Tsusho Gas E&P Trefoil and Prize Petroleum each hold 11.25% stakes in the project.
