Cooper Energy has accepted Bass Strait Oil’s offer to buy its remaining Indonesian asset, a 55% interest in the Tangai-Sukananti KSO in the South Sumatra basin, for AU$ 5.7 million.
A share sale agreement was signed by the parties today (19 October), with the completion of the transfer and sale expected in three months from signing.
The offer is subject to a number of conditions including relevant regulatory approvals, securing of shareholder approval by Bass and the conduct of a capital raising by Bass. Cooper is a 13.5% shareholder in Bass.
Cooper managing director David Maxwell said the decision to divest its interest in the Indonesia KSO had been driven by the decision to concentrate its resources on its gas growth projects in the offshore Gippsland basin.
“The Tangai-Sukananti KSO offers significant upside, as has been demonstrated by the results of our workover and drilling program and the development plan prepared to lift output.
"While the needs and opportunity of our growth projects in the Gippsland basin mean Cooper Energy is no longer the right interest-holder for the KSO, we are pleased that Bass has this opportunity and the prospect of ongoing indirect involvement as a Bass shareholder,” he added.
This transaction follows the sale of the Cooper’s Indonesian exploration assets completed on 1 June for total proceeds of $12 million.
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