Energy company AWE (ASX:AWE) has moved into the Native Title phase of the renewal process for onshore production licences in the northern Perth Basin in Western Australia.
These licences - L1 and L2 - will emcompass the Waitsia gas project.
These processes have been triggered as a result of changes in WA law which altered the proposed term of the renewal period of 21 years to an indefinite term.
AWE is an independent Australian energy company focused on upstream oil and gas opportunities.
Joint venture partners in the L1 L2 are AWE and Beach Energy (ASX:BPT) who both own 50 per cent.
They are currently considering a $602 million offer from Mitsui and Co.
Shares in AWE (ASX:AWE) are trading flat at 95c.