Cooper Energy has ceased all international operations with the closure of operations in Tunisia and the completion of the sale of Indonesian operations to Bass Oil.
In accordance with the transaction announced 19 October 2016 Cooper has received initial consideration of AU$500,000 and 180,000,000 shares in Bass Oil.
The balance of the $5.7 million consideration is to be received via $2.27 million in deferred payments with the final payment received by December 2018, and receivables as they fall due.
“Our withdrawal from Indonesia and Tunisia has been driven entirely by our strategy of concentrating our efforts on our growth projects in Australia and in particular our opportunities to supply gas in southeast Australia,” said Cooper managing director David Maxwell.
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