AWE sells BassGas interest to HPCL subsidiary

AWE Ltd. has agreed to sell an 11.25% interest in T/L1 (BassGas infrastructure and Yolla field) and a 9.75% interest in T/18P (Trefoil field) to Prize Petroleum Co. Ltd.

Offshore staff

SYDNEY, Australia – AWE Ltd. (ASX: AWE) has agreed to sell an 11.25% interest in T/L1 (BassGas infrastructure and Yolla field) and a 9.75% interest in T/18P (Trefoil field) to Prize Petroleum Co. Ltd., a wholly owned subsidiary of Hindustan Petroleum Corp. Ltd. (HPCL), for AUD$85 million ($74.5 million).

At the sale’s completion,AWE will hold 35% in T/L1 (BassGas/Yolla) and 35% in T/18P (Trefoil).

01/30/2014

More in Business Briefs