Coogee to make floating GTL decision by 2010

Coogee Resources Ltd. expects to make a final investment decision on the offshore floating gas-to-liquids (GTL) methanol project for the Montara field by 2010.

Offshore staff

SINGAPORE -- Coogee Resources Ltd. expects to make a final investment decision on the offshore floating gas-to-liquids (GTL) methanol project for the Montara field by 2010.

Methanol will be used for chemical feedstock, with some for liquid transport fuel. Coogee is undertaking pre-feasibility studies, Peter Hood, CEO, said, at a recent christening even for theWest Atlas jackup rig in Singapore.

The newbuildWest Atlas is to begin a nine-well development and exploration program on the Montara field. Montara is being developed via an FPSO, with tiebacks to the Skua and Swift/Swallow fields. Oil production is expected in 2009.

The estimated cost for the GTL project is $800 million. Field development costs are being considered separately, Hood said.

9/18/2007

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