Scandoil  

AWE completes sale of 11.25% of BassGas


Published Nov 6, 2014
AWE's Pateke-4H development well

AWE Limited has completed the sale of an 11.25% interest in T/L1 (BassGas infrastructure & Yolla field) and a 9.75% interest in T/18P (Trefoil field) to Prize Petroleum Company Limited, a wholly owned subsidiary of Hindustan Petroleum Corporation Limited.

Total consideration for the sale was $85 million with payment structured in three tranches:

a) A deposit of $16 million that was received in financial year 2013-14; b) A payment of $64 million that was received on completion of the sale; and c) A further $5 million deferred payment payable upon meeting the following conditions:

(i) $2.5 million on completion of the BassGas Mid Life Enhancement (MLE) project (drilling of two development wells and installation of gas compression); (ii) $2.5 million if the MLE project costs do not exceed an agreed threshold.

Tags: AWE Limited




Advertisment:

Add a Comment to this Article

Please be civil. Job and promotion will not be added into the comment page.

(Use Markdown for formatting.)

This question helps prevent spam:

+ Larger Font | + Smaller Font
Top Stories

 

 

 

 


 


RSS

RSS
Newsletter
Newsletter
Mobile News
Mobile news

Computer
Our news on
your website


Facebook
Facebook
Twitter
Twitter

Contact
Contact
Tips
Do you have any
tips to us
Stats

 

sitemap xml