Cooper Energy hopes for Tunisian portfolio sale

Offshore staff

ADELAIDE, Australia -- Cooper Energy Ltd (ASX: COE) has updated its divestment of its Tunisian interests.

These include 30% of the Cooper-operated Hammamet West oil discovery in the offshore Bargou permit and prospective acreage adjacent to producing oil and gas fields. Cooper wants to focus instead on its Australian exploration and production and Indonesian holdings.

The company is in discussions with numerous parties about the Tunisian assets, with some expressing interest in individual permits or combinations of the permits rather than an entire portfolio sale.

Progress has been impacted by the recent downturn in oil prices, but negotiations continue and Cooper hopes to exit Tunisia as soon as possible within the 2015 financial year.

The planned Hammamet West-3 appraisal well is unlikely to spud before the 2016 financial year, the company added.

12/30/2014

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