THE global financial crisis has had a big impact on two energy projects off Western Australia's northern coast, with Coogee Resources and Nexus Energy both putting out 'for sale' signs this month.
Investment bank Babcock & Brown has invested an estimated $300 million in Gordon Martin's Coogee Resources Ltd, five months after Coogee scrapped plans for a $380 million public share offer and stockmarket float.
West Perth-based oil and gas explorer and producer Coogee Resources Ltd has withdrawn its IPO after the book build process failed to reach a price the company considered acceptable.
Coogee Chemicals' oil and gas sister company Coogee Resources has announced it is "keen to move quickly" towards development of its Timor Sea oil fields following a "significant" discovery at its Swift North-1 field.
Agreement has been reached with Coogee Resources (Ashmore Cartier) Pty Ltd, which gives Coogee the right to earn a 20% interest in exploration permit AC/P 32 by funding 27.5% of the upcoming Magnolia
22 Mar 2005
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