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Friday, 05 December, 2008, 16:50 GMT | more >>

Cooper upgrades stake in Fairbridge



By Upstream staff 

Cooper Energy has increased its stake in the planned Fairbridge-1 well in the Cooper basin, South Australia, by funding Enterprise Energy’s 20% share of drilling costs.

The company will pay A$360,000 ($263,399) to Enterprise for an additional 10% stake in the prospect and also has the option to fund Enterprise’s costs for the next well, Strickland Bay-1, in exchange for an extra 10% interest in PEL 100.

Cooper already has a 28.33% operating interest in the block.

It is currently negotiating to secure a drilling rig to drill the two wells.


Wednesday, 16 November, 2005, 03:12 GMT  | last updated: Wednesday, 16 November, 2005, 03:23 GMT

A little bigger: Cooper Energy's stake in Fairbridge-1 well
 

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