Cooper Energy Pulls Out of International Projects
Cooper Energy Limited announced Thursday that it has now ceased all international projects, following the closure of operations in Tunisia and the completion of the sale of Indonesian operations to Bass Oil Limited.
In accordance with the Bass Oil transaction announced Oct. 19, 2016, Cooper Energy has received an 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, with the final payment received by December 2018, and receivables as they fall due, Cooper Energy said in a company statement.
“I would like to acknowledge the contribution made to our company by the employees who were engaged in our Indonesian and Tunisian operations” Cooper Energy Managing Director David Maxwell said in a statement.
“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 added.
Cooper Energy’s portfolio is now solely concentrated on Australian assets.
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