Cooper Terminates Farmout Agreements with GB
Further to the COE announcement made on March 8, 2011 regarding:
- Farm-out of 9.165% of PEL100
- Farm-Out of 20% of PEL495
- Farm-Out of 10% of PEL110
to GB Energy (GBX), Cooper Energy advised the Conditions Precedent to each Farm-Out Agreement have not been satisfied.
Cooper Energy has terminated the Farmout Agreements on the basis the Conditions Precedent were not satisfied. Cooper Energy will retain the interests the subject of the Farm-Out Agreements.