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    Cooper Raises A$98mn for Sole Gas Project

Summary

Australian Cooper Energy has raised A$97.9mn from competition of institutional entitlement offer, part of which will be directed towards development of Sole gas project offshore Victoria and other opportunities and commitments in its portfolio.

by: Shardul Sharma

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Cooper Raises A$98mn for Sole Gas Project

Australian Cooper Energy has raised A$97.9mn ($77.7mn) from competition of institutional entitlement offer, part of which will be directed towards the development of the Sole gas project offshore Victoria and other opportunities and commitments in its portfolio, it said August 31.

The offer was part of the A$400mn finance package for the Sole gas project that was announced by Cooper August 29.

The finance package includes a A$250mn debt, a A$15mn working capital facility and a fully underwritten accelerated nonrenounceable entitlement offer to raise approximately A$135mn.

It is also expected to fund a range of other value adding initiatives including work in the Otway Basin that will enable acceleration of gas production from the Casino Henry gas project.

On current equity shares, Sole will deliver annual gas sales of 24 petajoules (0.64bn m3 or 4mn barrels of oil equivalent) to Cooper, roughly four times the company’s production in FY17. About 75% of the field’s gas has been contracted under long term agreements with AGL Energy, EnergyAustralia, Alinta Energy and O-I Australia.

 

Shardul Sharma