Chris,
Ignore my post over on SS. I just found this on Sanford:
Pancontinental Oil, Cooper in North African venture
19:51, Friday, 30 July 2004
Sydney - Friday - July 30: (RWE) - Pancontinental Oil & Gas NL has increased its North African petroleum exploration interests by entering a contract with ONAREP, the Moroccan Government petroleum entity, paving the way for the granting of a Reconnaissance Licence (RL) in the Moroccan waters of the Mediterranean Sea.
It is anticipated the RL will be formally granted within the next few days.
Pancontinental has been joined in the venture by Afrex Ltd and Cooper Energy NL.
Pancontinental will have a 32 per cent interest and Afrex 48 per cent whilst Cooper will earn a 20 per cent interest.
Pancontinental regards the permit as "an outstanding low-cost opportunity" with the potential for billion-barrel oil discoveries and multi-TCF gas discoveries.
The announcement was made after the close.
Shares in Pancontinental and Cooper Energy traded steady at 7.2c and 20.5c respectively.
Copyright © 2004 RWE Australian Business News. All rights reserved.
Guess that answers our questions on what Coopers going to be doing.
Cheers
Badfish
north african venture with pcl, page-2
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