Canaccord Genuity acts as Joint Lead Manager, Bookrunner and Underwriter to Cooper Energy Limited on its A$151 million equity raising

Canaccord Genuity is pleased to announce the completion of a fully underwritten placement and 1 for 2 accelerated non-renounceable entitlement offer of ~480 million shares at an offer price of A$0.315 per share, raising gross proceeds of A$151 million on behalf of Cooper Energy Limited (ASX.COE). Canaccord Genuity acted as Joint Lead Manager, Bookrunner and Underwriter for the equity raising, which was heavily oversubscribed by both new and existing institutional shareholders.

The proceeds of the equity raising will be used to part fund capital expenditure in relation to the development of the Sole gas project. The company is in advanced discussions to secure debt financing for the remaining development funding requirement. Finalisation of the project funding and FID will trigger a 43m boe uplift (or 370%) to Cooper Energy’s 2P reserves.

Cooper Energy is an ASX listed oil and gas exploration and production company featuring low cost oil production and a growing portfolio of gas production, resources and exploration acreage. Cooper Energy conducts oil exploration and production in the Cooper Basin, gas exploration and production in the Otway Basin and is working towards development of its Gippsland Basin gas resources to address existing supply opportunities in south-eastern Australia.