COOPER ENERGY ACQUIRES VICTORIAN ASSETS OF SANTOS

Cooper Energy reports the acquisition of the Victorian gas assets of Santos Limited (Santos) announced on 24 October 2016 was completed for all except the 10% interest in the Minerva asset. Cooper Energy has paid initial consideration of $61 million plus working capital adjustments to Santos. The assets acquired include interests in producing gas assets, gas projects and plant in the Otway and Gippsland Basins – a 50% interest in the producing Casino-Henry gas project in the offshore Otway Basin – a 50% interest in retention licences VIC/RL11 and VIC/RL12 in the offshore Otway Basin; – a 50% interest in the VIC/P44 exploration acreage offshore Otway Basin; – a 50% interest in the Sole Gas Project in the Gippsland Basin, taking Cooper Energy equity in this project to 100%; – a 50% interest in the Orbost Gas Plant in the Gippsland Basin, taking Cooper Energy to 100% ownership of the plant; and – a 100% interest in the depleted Patricia Baleen gas field in the Gippsland Basin.
The acquisition is effective from 1 January 2017.