Cooper Energy (ASX:COE) announces completion of the transaction for APA Group to acquire, upgrade and operate the Orbost Gas Plant announced 1 June 2017.
The transaction is a key component of the Sole Gas Project, which will bring a new source of gas supply to south-east Australia from 2019.
APA has acquired the Orbost Gas Plant and will upgrade and operate the plant to process gas from the Sole gas field being developed by Cooper Energy. The agreement also provides for the Orbost Gas Plant to process gas from Cooper Energy’s adjacent Manta gas field and potentially other gas fields. The expected total cost of the project is $605 million comprising $250 million for the onshore project being conducted by APA and $355 million for the offshore development being conducted by Cooper Energy.
Cooper Energy Managing Director David Maxwell said the completion of the transaction is of “landmark significance for the south-east Australian gas market. “The Orbost Gas Plant transaction has brought Australia’s largest gas infrastructure company to the Gippsland Basin, which has been the largest supplier of gas to the south-east Australian domestic gas market.
“We are delighted to have APA Group as a project partner. Their involvement has been pivotal to the Sole gas project proceeding and Cooper Energy looks forward to working with APA to bring new gas supply to south-east Australia.
“We see further opportunities for the plant beyond Sole, whereby Orbost will be a gas hub for other fields including our Manta gas resource” he said.
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