Cooper Energy's Cambodian divestment
Cambodia, the company's acceptance of that offer and the subsequent pre-emption of that offer by the existing shareholders, Cooper Energy has sold its 10% interest in Block B.
Cooper Energy’s interest in Block B is held by CE Cambodia B Ltd, which is a company registered in the British Virgin Islands. CE Cambodia B Ltd holds 10% of the rights and obligations to Block B through a Petroleum Agreement with the Cambodian National Petroleum Authority. The other Joint Venturers are SPC Cambodia Ltd from Singapore, PTTEP from Thailand and Resourceful Petroleum Ltd from Malaysia. Under the terms of the purchase, the existing Joint Venturers have offered to purchase CE Cambodia Ltd for US$3.5 million. The Joint Venturers will immediately pay US$1 million and will be required to pay further staggered amounts if a discovery is made on the block and when production exceeds one hundred million oil equivalent barrels. The transaction is subject to approval by the Government of Cambodia.According to Cooper Energy, the sale of CE Cambodia B Ltd’s interest in Block B will boost the company’s immediate cash position by approximately $1.3 million (subject to the US$ to A$ exchange rate) and will further position the company to be able to quickly secure any new venture opportunities in the company’s focus areas of Australia, South East Asia or North Africa that may present themselves in the future.