Cooper Energy announced that the Sole gas project has been approved as 'ready to proceed' by the company’s board of directors and that finalization of financing has commenced with a fully underwritten equity raising of approximately AU$151 million.
The project will develop the Sole gas field located in VIC/ L32 in the Gippsland basin offshore Victoria, to supply 25 PJ per annum to gas users in southeast Australia. Cooper Energy is the 100% interest holder in the Sole gas field.
Gas produced from the field will be piped to the Orbost Gas Plant from where the gas will be supplied to customers through the Eastern Gas Pipeline. Cooper Energy has secured long-term gas sales contracts with a portfolio of customers, including AGL, EnergyAustralia, Alinta Energy and O-I Australia.
These partnerships will support the development of the field whilst retaining a significant share of annual output for availability to supply shorter term sales, Cooper said.
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