COOPER ENERGY: INTERNATIONAL OPERATIONS CEASED

March 03, 2017

Cooper Energy, based in Adelaide, Australia, advises that the company has now ceased all international operations with the closure of operations in Tunisia and the completion of the sale of Indonesian operations to Bass Oil Limited. In accordance with the transaction announced 19 October 2016 Cooper Energy has received initial consideration of $500,000 and 180,000,000 shares in Bass Oil Limited. The balance of the $5.7 million consideration is to be received via $2.27 million in deferred payments. Cooper Energy Managing Director David Maxwell said: “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. On behalf of the directors of the company I record our appreciation for the efforts made by the teams we employed in both Indonesia and Tunisia and the professionalism they have demonstrated whilst the divestment process has been ongoing” he said. Cooper Energy’s portfolio is now solely concentrated on Australian assets: Cooper Basin, Otway Basin and Gippsland Basin. (Source: Cooper Energy)