AWE Limited reports that the final phase of the  BassGas Mid Life Enhancement (MLE) project off the Victorian coast has been successfully completed.

AWE said the project, which included installation and commissioning of compressor and condensate pumping unit at the Yolla-A platform, has been completed ahead of time and under budget.

This follows the drilling and completion of, and gas sales from, the final two development wells, Yolla-5 and Yolla-6, in 2015.

“The commencement of compression on the Yolla-A platform marks the end of the BassGas MLE project,” AWE CEO and managing director David Biggs said

“We anticipate a significant improvement in BassGas production from July 2017 and we are planning to commence marketing our share of uncontracted gas from the Yolla field to prospective customers in 2018,” he said.

“We are also working with the Operator, Origin Energy, on development concept studies for the nearby Trefoil field, which is similar to the Yolla field in terms of gas-condensate mix,” Mr Biggs added.

The completion of the MLE project triggers a cash payment of $2.5 million to AWE from Prize Petroleum, in line with the terms of the sale of an 11.25% interest in BassGas to Prize by AWE in 2014. The payment is not expected to be received until FY18.

The BassGas Joint Venture partners in T/L1 are AWE Limited, Origin Energy,Toyota Tsusho Gas and Prize Petroleum.