As part of this transaction, AWE and Mittwell assisted in the funding of the Casino-3 well, which was drilled in late 2003 and encountered a 290 metre gross gas column in the Casino Field. Production tests flowed gas at a rate of 45 million cubic feet per day, exceeding pre-drill expectations.

The completion of this transaction involved making a final cash payment of $22,500,000 to Strike Oil NL.

"We are pleased to finalise this transaction with Strike to allow the joint venture to move forward with its plans to commercialise the Casino gas field," AWE's managing director Bruce Phillips.

The partners in the Casino field have already signed an agreement for gas supply with TXU for 293 petajoules (PJ) of gas with an option to purchase, or an obligation to process, an additional 200 PJ, resulting in a contract quantity of up to 493 PJ of gas. Gas supply will commence in 2006 and extend through to 2017.

Participants in Vic P/44, following completion of the transaction will be Peedamullah Petroleum (AWE) 25%, Santos Limited (operator) 50% and Mittwell Energy Resources 25%.