Cooper has paid initial consideration of $61 million plus working capital adjustments to Santos, while a subsequent conditional consideration of $20 million is payable on the earlier FID for the Sole Gas Project or a sell-down by Cooper of an interest in the Victorian assets.
The assets acquired include interests in producing gas assets, gas projects and plant in the Otway and Gippsland Basins:
- A 50 per cent interest in the producing Casino-Henry gas project in the offshore Otway Basin;
- A 50 per cent interest in retention licences VIC/RL11 and VIC/RL12 in the offshore Otway Basin;
- A 50 per cent interest in the VIC/P44 exploration acreage offshore Otway Basin;
- A 50 per cent interest in the Sole Gas Project, taking Cooper’s equity to 100 per cent;
- A 50 per cent interest in the Orbost Gas Plant in the Gippsland Basin, taking Cooper to 100 per cent ownership of the plant; and,
- A 100 per cent interest in the depleted Patricia Baleen gas field in the Gippsland Basin.
The acquisition was effective from 1 January 2017.