LAW firm Freehills has advised CalEnergy Gas (Australia) Limited on an option to sell its 15 per cent interest in the BassGas Project to AWE Petroleum Pty Ltd (AWE).

AWE will be able to buy CalEnergy's interest in the Project for $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 Project, which commenced in 2006, produces natural gas, LPG and condensate.

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."

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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.