Last year Coogee had been forced to abandon a $380 million (Aus.) float after adverse oil price movements deterred major institutional investors.
Montara again is on track to begin oil production of 38,000 b/d in third-quarter 2008, and Babcock & Brown will become a large shareholder in Coogee.
Funding will include a secured $270 million (Aus.) debt from a three-bank syndicate, a finance lease for the project"s floating production, storage, and offloading vessel, and the equity package. It also will support a 4-year, 11-well exploration drilling program due to start in November with the spud of Sea Eagle-1 in the AC/P34 permit.
Coogee also is looking at a floating gas-to-methanol facility for its stranded gas reserves in the
The Montara project includes Montara, Skua, and Swift-Swallow oil fields having proved and probable oil reserves of 36.9 million bbl.
The company has a number of other exploration leads within tie-back distance to Montara and to the company"s producing Jabiru and Challis oil fields.
OGJ.COM
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