Freehills have advised CalEnergy Gas (Australia) Limited (CalEnergy) on an option to sell its 15 per cent interest in the BassGas Project to AWE Petroleum Pty Ltd (AWE). Upon exercise of the option AWE will buy CalEnergy's interest in the Project for A$80 million.
The BassGas Project consists of an offshore, unmanned wellhead platform connected by pipeline to a gas processing facility onshore at Lang Lang in south eastern Victoria. The Yolla platform is located approximately 147 kilometers offshore in a water depth of 80 meters. The Project, which commenced in 2006, produces natural gas, LPG and condensate.
In a separate transaction, AWE and Innamincka Petroleum Limited (Innamincka) have entered into arrangements which may result in Innamincka acquiring 7.5 per cent of the CalEnergy equity.
The Freehills team was led by partner Rob Merrick and solicitors Alistair Warren and Nicola Petit and senior associate Imogen Scanlan.
Freehills lead partner Rob Merrick said, ‘CalEnergy is a long-standing client of the firm whom we have advised on all aspects of its participation in the BassGas Project. We are delighted to have assisted CalEnergy at all stages of its ownership of the asset, from appraisal and feasibility through to development, financing and now divestment.’
The Freehills oil and gas team is consistently rated as one of Australia's leading practices measured against international benchmarks, and is top ranked in international benchmarking publications, Chambers Global Guide and Best Lawyers. The team has been involved in a number of recent upstream transactions, including Santos’ sale of interests in Bonaparte Basin gas fields to GDF SUEZ and Woodside’s sale of its interest in the Otway Project to Origin Energy.
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