Cooper raises funds for Indonesia, Tunisia explorations

Cooper Energy Ltd announced on Friday a placement to raise gross proceeds of approximately A$55 million.

 

The proceeds would be used to fund its activities in Indonesia and Tunisia and for working capital.

 

The company said A$10 million of the proceeds would be used to fund its share in the drilling program of South Madura PSC, where the company is the operator with 30 percent interest. Two shallow prospects in the PSC would be drilled by the end of 2008 in addition of the Kurnia-1 exploration well which is now ongoing.

 

Another $15 million would be spent to fund the company’s share in Seruway PSC appraisal activities, which include offshore seismic and the drilling of two offshore wells. The company has a 22.5 percent interest in Seruway PSC, offshore North Sumatra , which is operated by Transworld Exploration Limited. (denny)