Cooper signs HoA for Sole gas offshore Australia

Cooper Energy (ASX:COE) has signed a heads of agreement with glass container manufacturer O-I Australia for the sale of gas from the Sole field development in the Gippsland basin offshore Victoria.

Sole field development in the Gippsland basin offshore Victoria, Australia
Sole field development in the Gippsland basin offshore Victoria, Australia

Offshore staff

ADELAIDE, AustraliaCooper Energy (ASX:COE) has signed a heads of agreement (HoA) with glass container manufacturer O-I Australia for the sale of gas from the Sole field development in the Gippsland basin offshore Victoria.

This is the first supply agreement for Sole, currently undergoing front-end engineering and design ahead of a final investment decision, expected in September 2016.

The HoA covers the supply of one petajoule/r of gas for eight years, or the life of the field, and comprises 8% of Cooper’s share of Sole’s anticipated production. First deliveries to O-I Australia could begin in January 2019.

Cooper has 50% interests in the field and the onshore Orbost terminal that will receive the gas. Santos is the other partner.

Sole is in the VIC/RL3, 62 km (38.5 mi) from the Orbost Gas Plant. Development will likely include a subsea drill center with gas exported to Orbots via a subsea pipeline.

08/03/2015

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