King & Spalding acted for Toyota Tsusho Corporation in the disposal of its interests in the Otway Gas Project (OGP) and BassGas Project in Australia, which are to be purchased by Beach Energy Limited.

The two parties entered into binding agreements that will see Beach acquire Toyota Tsusho’s 5% stake in OGP and its 11.25% stake in BassGas Project for cash. OGP includes production from the Thylacine and Geographe offshore gas fields, the Thylacine well head platform and the onshore Otway gas plant. BassGas includes the Yolla offshore gas field, the BassGas pipeline and onshore Lang Lang gas plant, and various exploration permits and retention licenses.

Completion is expected in early 2018.

King & Spalding represented Toyota Tsusho on the transaction. The Tokyo-based team was led by partner Rupert Lewi and senior associate Glen McAskill.