Jul. 2012 - AWE and Origin reported that upgrades of the Yolla platform sited offshore in the Bass Strait, Victoria, will be delayed until the summer of 2012/2013. The first phase of the project, to convert the previously unmanned platform to one with accommodation installing export compression and condensate pumping modules, was originally scheduled to be completed by April 2012. Origin, the operator of the project, was however forced to push back the project scheduled due to challenging weather conditions in the Bass Strait. AWE owns a 46.25 percent stake in the project, while Origin and Toyota Tsusho Gas E&P Trefoil own a 42.5 percent and 11.25 percent stake respectively.

Apr. 2012 - Origin advises that the Yolla Mid-Life Enhancement project has reached a major milestone with the successful lifting and connection of the new accommodation and controls module to the Yolla A platform in Bass Strait. The operator commented that the installation of the accommodation module and associated controls equipment paves the way for further critical work on the construction program. This will include the lifting into place of the compression and condensate pump modules in coming weeks, followed by commissioning works to complete Stage 1 of the MLE project. The joint venture is targeting to restart production from Yolla in July, with project commissioning and completion during September. Evaluation of the program for Stage 2 of the BassGas MLE project continues. This will include the drilling of the Yolla 5 and Yolla 6 development wells and is currently expected to be undertaken during the summer of 2013/2014.

Dec. 2011 - AWE Limited will sell a 11.25 percent stake in T/L1, and a 2.75 percent interest in T/18P in the BassGas project to Toyota Tsusho for a cash consideration of A$80.125 million. The T/L1 permit includes the Yolla gas and condensate field and its associated production infrastructure; and a 2.75 percent interest in T/18P, which includes the Trefoil gas and condensate discovery. Once the agreement is finalized, AWE will hold a 46.25 percent interest in T/L1 and a 44.75 percent interest in T/18P.

Jul. 2011 - AWE, a partner on the BassGas project, reported that the second phase of the project remains scheduled for late 2012/early 2013. This phase incorporates the drilling of further development wells in the Yolla field. Additionally, the joint venture is continuing to evaluate the options for the drilling phase and finalization of the preferred drilling concept is expected by December 2011. The BassGas Project is located 91 miles (147 kilometers) from Kilcunda in the Bass Strait area. Origin Energy is the operator and holds a 42.5% interest; AWE holds a 57.5% interest.

Apr. 2010 - Origin Energy recommenced operations at the BassGas facility, following the completion of a maintenance program. The shutdown occurred on Nov. 22, 2009, and maintenance activities were performed on the onshore gas plant, the offshore production platform and producing wells. The facility is being brought online and production is initially being fed from Yolla-4 well, which is producing at a rate of around 50 terajoules per day during the ramp up phase. Wireline operations will now resume at the Yolla-3 well. The BassGas Project is located 91 miles (147 kilometers) from Kilcunda in the Bass Strait area. Origin Energy is the operator and holds a 42.5% interest; AWE holds a 57.5% interest.

Dec. 2009 - Development work will be performed on the Yolla gas-condensate field in the Bass basin off northern Tasmania. The project focuses on drilling two development wells, Yolla-5 and Yolla-6, installing on-platform accomodation, and additional compression and safety-related facilities. These measures are designed to improve the operating efficiency of the platform and extend the life of the project. The new wells and accommodation facilities will be operational by mid-2011, and the compression upgrades should be available by mid-2012.

Nov. 2009 - CalEnergy is in negotiations with AWE to sell its 15% equity interest in the BassGas Project for $80 million. If the deal is finalized as expected in 2010, Innamincka will acquire 7.5% and AWE will acquire the remaining 7.5%. The transaction is slated for completion on February 28, 2010, with an effective date of July 1, 2009. If the transaction is not finalized, AWE is slated to acquire the full 15% interest from CalEnergy. Currently, the lease holders are Origin Energy (42.5%, operator), AWE (42.5%) and CalEnergy Gas (15%).