TTC Acquires BassGas Interest

Core Energy Group is pleased to announce that its client, Toyota Tsusho Corporation ("TTC") has successfully acquired from AWE an 11.25% interest in the "BassGas Project" - a joint venture between AWE and Origin, and 2.75% of the nearby exploration permit, T/18P. The combined purchase price was AUD80.125m. Core Energy Group advised TTC on the purchase.

The BassGas Project consists of an offshore production platform connected to the Yolla gas field (permit T/L1), located in the Bass Strait, and an associated onshore gas processing plant  located at Lang Lang, Victoria connected by a 150 km sub-sea pipeline. Gas, condensate and liquefied petroleum gas (LPG), produced by the BassGas Project, have been sold primarily into Victoria since 2006. A little under five percent of the demand for gas in South Eastern Australia has been supplied by the project, and it has become an important supply source.

The T/18P permit is an offshore permit located in the Bass Strait and where gas, condensate and oil have already been confirmed to exist. Development intended for supplying gas to South Eastern Australia, similar to BassGas Project, is anticipated in the future for this permit. The acquisition will increase TTC’s existing ownership in T/18P from 8.5% to 11.25%.