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Coogee launches $380m float

Mid-cap oil producer Coogee Resources Ltd has launched its prospectus, aiming to raise $380 million and list on the Australian Stock Exchange. In the process of listing, a move first revealed earlier this year by WA Business News, the company will issue between 176 million to 211 million shares at a price ranging from $1.90 to $2.33 each. The company aims to raise a total of $693 million to develop its flagship Montara oil project in the Australian waters of the Timor Sea. Coogee Resources, headed by chief executive Peter Hood, is aiming to bring the 37 million barrel Montara project online in the third quarter of 2008. Coupled with the IPO, Coogee Resources is also planning to raise an additional $313 million through a proposed debt facility. Over the longer term, Coogee Resources plans to participate in a proposed floating gas-to-liquids methanol production facility to commercialise a potential 834.4 billion cubic feet of contingent offshore gas resources. That would add a stable 30-year cash flow to the business, Mr Hood said, stating that 1.3 million tonne per annum of methanol is equivalent to 5.5 million barrels of energy equivalent. The proposed methanol project would utilise gas fields that are not big enough to economically pipe to an onshore liquefied natural gas plant. Coogee Resources has estimated it will cost $US800 million to $US900 million to bring the project online and is aiming for a 2012 start-up. The company already produces oil from the Jabiru and Challis joint venture in the Timor Sea, of which it is the operator and major stakeholder.

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