The Gordon Martin-controlled Coogee Resources Ltd is up for sale after major shareholder Babcock & Brown Ltd decided to offload its 35 per cent interest.
In a statement, Coogee said it had decided on the sale process after it received unsolicited interest for the entire company following B&B's decision to sell its stake, which it bought last year for $270 million.
Coogee chairman John Akehurst said the decision to sell up was in the best interests of shareholders given the feedback from potential buyers of the company.
"Goldman Sachs JBWere has been appointed to conduct the sale process for 100% of the Company and this is expected to be completed by the end of November 2008 with minimal disruption to the ongoing business of Coogee Resources," Mr Akehurst said.
Mr Martin, who founded the company and is the chief executive, said an outright sale was the most practicable outcome for all shareholders given the current market conditions.
The oil and gas company is currently developing its wholly-owned Montara project and operates and owns a 71 per cent stake in the Jabiru and Challis oil fields, both located in the Timor Sea.
