Santos Limited
(ASX:STO) has inked a deal to sell an interest in its Victorian assets to Cooper Energy Limited
(ASX:COE) for $27.5 million.
Cooper Energy is set to snap up a 50 per cent stake in the Sole gas field in the offshore Gippsland Basin and the Orbost Gas Plant onshore Victoria near Orbost.
Santos is poised to retain a 50 per cent interest in the assets and have completed a preliminary integrated project development plan, schedule and costing.
Cooper Energy advises the project is targeting to start Front End Engineering and Design (FEED) as soon as the transaction is tied up.
Production is slated for late 2018 to early 2019.
Santos reported a net profit of $206 million in the first half of the 2014 calendar year.
