Cooper Energy Limited
(ASX:COE) has announced it will acquire the Victorian Gas Assets of Santos Limited
(ASX:STO) for $82 million.
The deal is comprised of $62 million in cash and a milestone payment of $20 million.
The acquisition will be funded via a capital raising and a combination of existing cash and, if required, a drawdown on debt facilities.
Cooper Energy will look to offer employment to existing Santos employees working on the Victorian Gas Assets today.
Cooper Energy Limited posted a net loss of $34.8 million at 30 June 2016.
