Coogee Resources
Description
Coogee Resources Limited was established as a standalone, independent unlisted public company to house and develop the upstream oil and gas interests of Coogee Chemicals Pty Ltd.
In 2003, Coogee Resources acquired a portfolio in the Timor Sea that included shares of production and exploration assets in the Timor Sea, including the Jabiru and Challis oilfields and the Montara prospect. The Company later acquired the exploration permit AC/P34 which contains the Skua oilfield, as well as the Swift and Swallow prospects.
Coogee Resources is proposing to develop Montara and adjacent oilfields with collective reserves of approximately 38 million barrels. Funding is scheduled for 3Q 2006 and development of the Montara project is due to begin in 4Q 2006.
The Company intends to develop the 3 adjacent fields - Montara, Skua and Swift - through a new Floating Production, Storage and Offloading (FPSO) vessel. The vessel will be located south of the FPSOs operating at the Challis and Jabiru oilfields, which are 70.94% owned and operated by Coogee Resources.