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Monday, December 19, 2016
Cooper Energy has finalized the process and agreements for its exit of Tunisia. On the Bargou Permit the company has agreed to assign its sole remaining Tunisian interest to its partner on the permit, Dragon Oil.
Cooper elected not to participate in the renewal of the permit and, through a deed of assignment agreed with fellow JV partner Dragon Oil, has transferred its 30% interest and operatorship effective from November 7. Cooper Energy will continue to perform operator responsibilities under contract until the Hammamet West well abandonment is completed, which is anticipated by end-January 2017.
Cooper Energy’s share of the abandonment cost has been provided for in the FY16 accounts and is expected to be less than $200,000. The assignation does not involve any cash payment by either party.
It has also agreed to terms with the Hammamet JV, Medco Ventures and DNO Tunisia, for the settlement of the dispute between the parties and the cessation of the arbitration advised to the ASX in March 2016. The terms of the settlement do not require any immediate or firm cash payment by Cooper Energy. However, should the Hammamet JV elect to withdraw from the permit, Cooper Energy will fund a 35% share of any agreed exit fee up to an agreed, undisclosed, ceiling.
Cooper Energy previously held a 35% interest in the Hammamet JV prior to its withdrawal in June 2015. The settlement resolves a dispute between the company’s wholly owned subsidiary CE Hammamet Ltd and the Hammamet JV regarding any ongoing liability to pay for work obligations which may be undertaken during the extension period of the permit following Cooper Energy’s withdrawal.
As a result of the settlement, there are no outstanding matters in respect of the company’s prior involvement in the Hammamet permit. The company will cease all operations in Tunisia in January with the completion of the Hammamet West well abandonment.
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