Cooper Energy has reported that it has opened the Gippsland Basin Gas Hub data room. Cooper Energy made the announcement at the company’s 2015 annual general meeting on 12 November. The data room, which includes the Sole Gas Project and Orbost Gas Plant and the Manta Gas Project, has been opened to facilitate optimal project funding and commercial alignment of interests through the involvement of other parties.
Cooper Energy Managing Director David Maxwell commented: “interest in gas resources offering supply to eastern Australia is at unprecedented levels. The level of enquiry we have already received is consistent with this and the fact that the Gippsland Basin gas fields are among the most competitive sources of supply for the shortfall facing south-eastern Australia.”
“Now is the right time for the commercial alignment of interests across projects to be progressed and for Cooper Energy to identify the optimal equity and funding positon for its shareholders,” added Maxwell.
Presently, Cooper Energy holds equity levels of 50% in Sole and the Orbost Gas Plant and 65% in Manta.
It is expected that the data room will close by early February 2016 and that any transaction arising from the data room initiative would be announced within the March quarter 2016.
Edited from press release by Angharad Lock
Read the article online at: https://www.hydrocarbonengineering.com/gas-processing/26112015/data-room-opens-for-gippsland-basin-gas-hub-1822/