Ashurst has advised Santos on the sale of its Victorian gas assets to Cooper Energy in a deal worth A$82 million.

Santos has agreed to sell a 50% interest in the Casino-Henry gas project in the offshore Otway Basin, 10% interest in the Minerva gas field and Minerva Gas Plant in the Otway Basin; 50% interest in the Sole gas field and Orbost Gas Plant in the Gippsland Basin; and 100% interest in the Patricia Baleen gas field and associated infrastructure in the offshore Gippsland Basin. Cooper Energy has agreed to pay Santos A$62 million in cash on completion and a further A$20 million milestone payment on the earlier of a final investment decision in the Sole gas field project by Cooper Energy, or sell down the Sale Interests by Cooper.

Ashurst has previously advised Santos in its sale of interest in the Kipper Gas Field that was completed in March 2016 for an A$520 million.

Lead partner on the deal Simon Fraser (Corporate) comments: "This was a transaction for a valued client of the firm, which was negotiated in a tight timeframe. We are very pleased to be assisting Santos to finalise the sale of its Victorian gas assets, effectively completing what was started with the sale of the Kipper gas field interest late last year."
 
The sale is subject to customary consents and regulatory approvals and has an expected completion date in early 2017.
 
The Ashurst team was led by Simon Fraser. Simon was assisted by senior associate Matt Hartsuyker, lawyer Carrie Hui and graduate Ryan  Kabat (Corporate); partner Tanya Denning and senior associate Cassandra Wee (Gas Supply); partner Richard Brooks and lawyer Jake Saccardo (Property); partner George Cooper (Employment); senior associate Peter Allen and lawyer Soo Govender.