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Australia: Cooper Energy still seeking financing for Sole gas project
17 Jul 2017
Cooper Energy has provided an update on the status of the Sole gas project (VIC/L32) debt financing. The company is pursuing a dual stream process to identify and secure the optimal financing for the Sole gas project and Cooper Energy shareholders. The options under consideration include senior bank project finance and senior secured bonds.
In respect of project finance, Cooper Energy is continuing the engagement with the senior bank market commenced some months ago as part of this process.
The company also remains engaged with international capital markets to assess availability and suitability of finance from the issue of senior secured bonds as announced 29 June 2017.
Cooper Energy Managing Director David Maxwell said:
'We expect to make a decision on our preferred source of debt funding within August, having regard to optimising our capital structure and value for shareholders. The timelines associated with our financing process remain consistent with our timeline for first gas from the Sole project.'
Source: Cooper Energy