Cooper completes $55m raising to fund offshore growth

South Perth-based oil and gas company Cooper Energy Ltd has completed its $55 million placement to Euroz Securities Ltd after winning the approval of its shareholders, the company has announced.

The full text of a company announcement is pasted below

The Board of Cooper Energy is pleased to inform investors that, following the affirmative vote at the EGM on Wednesday 14 November 2007, Cooper Energy has completed it's A$55 million placement to institutional and sophisticated clients of Euroz Securities Limited.

We are also pleased to inform investors that Cooper Energy's A$5 million Share Purchase Plan (SPP) has been over-subscribed with applications from approximately 1,500 shareholders. As a result of the oversubscription, applications will be scaled back proportionally between the application amount and the minimum subscription of 1,539 shares. The balance of subscription monies will be refunded to participating shareholders.

Cooper Energy expects to issue the shares to participating shareholders on Friday, 23 November.

As per the presentation to shareholders at the EGM (ASX release: Extraordinary General Meeting, 14/11/07, 32 pages), the funds raised by the Placement and the SPP will be used to aggressively pursue Cooper Energy's growth aspirations in a variety of overseas exploration and appraisal opportunities.

We would like to take this opportunity to thank investors for their ongoing support of the Company's activities and we look forward to reporting news of our near-term activities as they progress.