Australian independent 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, it said March 2. Its portfolio is now solely concentrated on Australian assets.
Cooper Energy has received initial consideration of A$500,000 (US$382,600) and 180,000,000 shares in Bass Oil. The balance of the A$5.7mn is to be received via A$2.27 million in deferred payments with the final payment received by December 2018, and receivables as they fall due, the company stated.
“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 south east Australia,” Cooper Energy managing director David Maxwell said.
February 28, Cooper said the Sole gas project has now advanced to the final stage and final financing process will start with a view to project sanction in March 2017 and first gas expected in 2019. The Sole gas project involves the development of the Sole field in the Gippsland Basin, offshore Victoria.