From Australia (RW): AWE has completed the sale of a portion of its interests in the offshore Tasmanian offshore Bass Basin gas/condensate permits and that contain the Yolla and Trefoil fields.

AWE has sold 11.25% of the Yolla licence and 9.75% of Trefoil exploration permit to Hindustan Petroleum Corp subsidiary Prize Petroleum for A$85mn.

The Yolla holding includes production infrastructure of the Origin Energy-operated BassGas gas/condensate development that pipes gas to eastern Victoria.

AWE received an initial deposit of $16mn when making the deal and a further $64mn this week on completion. The company will get a further $2.5mn when the BassGas mid-life enhancement project is completed and another $2.5 million if project costs do not exceed an agreed threshold. AWE has retained 35% interests in both permits to retain a level of control over major investment decisions.

The final two stages of the BassGas mid-life enhancement will begin before the end of this year when gas compression and condensate pumping modules are lifted onto the Yolla platform. Two more development wells on Yolla will be drilled early in 2015.

The anticipated gross production from BassGas should increase to 1.4-1.6mcm/d – up from the 0.9mcm/d average achieved in the September 2014 quarter.

The Trefoil prospect is another liquids-rich gas field with development timed for the end of this decade when production from Yolla is expected to decline.

AWE will move to 40% interest here at year-end on completion of an unrelated acquisition of a 5% stake from Drillsearch Energy.

Also, 3D Oil has completed the sale of its interests in a Victorian offshore production licence to Hibiscus Petroleum.

3D received the final payment of $14mn last week. This sum came in addition to $1.95mn already paid for the 49.9% interest in the licence that contains the yet-to-be developed West Seahorse oil field. Hibiscus is now the sole shareholder.

Hibiscus previously paid $7.5mn for 3D’s interest in the Britannia drilling rig that was to be used as a production facility on W Seahorse as well as a further 5% interest in the surrounding exploration permit.

3D says it will use the funds from this transaction for the planned Sea Lion-1 exploration well during 2015.