Cooper Energy Sells Worrior Assets to GB Energy

Cooper Energy has sold all of its shares in Worrior (PPL 207) to GB Energy (GBX) for A$16m ($16.07m) and A$500,000 ($500,000) in GBX shares.

The Worrior assets include 30% of the Worrior oilfield, 25% of PEL90 and 30% of PEL93.

The firm also entered into farm-in agreements with GBX in relation to the assets – farm-out of 9.165% of PEL100, 20% of PEL495 and 10% of PEL110.

PEL495 has 12 prospects and leads containing 52 million barrels (P50) of prospective resources across the permit.

The up-dip of the Sawpit-1 well is a ready-to-drill prospect, which is expected to be drilled towards the end of this year.

Cooper Energy managing director Michael Scott said the sales proceeds and the cash released from the exploration work programmes will be used to fund new ventures, exploration and development programmes.