Coogee Resources to Initiate 100% Sale of Company
Coogee Resources announced it would initiate a sale process for 100% of the Company. This outcome follows unsolicited interest for the entire Company arising from the decision of its second largest shareholder, interests associated with Babcock & Brown, to sell its 35% stake.
Coogee Resources' Chairman, Mr John Akehurst, said the board decision was considered to be in the best interests of all shareholders given feedback from potential buyers of their desire to secure and control the entire Company, or at least a majority stake.
"Goldman Sachs JBWere has been appointed to conduct the sale process for 100% of the Company and
this is expected to be completed by the end of November 2008 with minimal disruption to the ongoing
business of Coogee Resources," Akehurst said.
Gordon Martin, Coogee Resources' CEO, founder and largest shareholder, said an outright sale process was the most practicable outcome for all shareholders in the prevailing market conditions. He added the development of its Montara project – which comprises the Montara, Skua and Swift/Swallow oil fields in the Timor Sea off northern Australian and has 2P reserves of 39.9 million barrels of oil -- remained central to the Company's asset base.
"Notwithstanding the most recent fluctuations in world oil prices over past days, Montara remains a highly viable, economic and robust project," Martin said.
In addition to the Montara project, Coogee Resources operates and owns a 71% stake in the Jabiru and
Challis oil fields, which have 2P reserves of 5.1 million barrels of oil and are also located in the Timor
- PTTEP Inks Agreement to Acquire 100% of Coogee Resources for $170MM (Dec 26)
- Coogee Resources to Initiate 100% Sale of Company (Oct 17)
- Coogee Resources to Abandon Wisteria-1 (Sep 18)