AWE Sells Part Holding in BassGas Project

AWE Ltd. has agreed to sell down its stake in the BassGas project in Bass Strait to Japan's Toyota Tshusho for $80.1 million.

Under the deal, Sydney-based AWE will sell an 11.25 per cent stake in the Yolla gas and liquids project and a 2.75 per cent stake in the nearby Trefoil gas and liquids project, both of which are operated by Origin.

AWE's stakes in the projects will fall to 46.25 per cent and 44.75 per cent respectively. The company will return $26m of the profits to shareholders as a special dividend.

"The BassGas sale proceeds are ear-marked for investment in future growth projects in the event of success in the company's existing tight gas and shale gas opportunities in Western Australia and its conventional gas targets in Indonesia, and in potential selective acquisitions," AWE managing director Bruce Clement said.