coe bobocu ownership still not disclosed, page-3

Hmm, yep I remembered correctly. On 10/5/11 COE announced an Interim Company Update via the ASX and had this to say:

Key Petroleum to Acquire Zeta Petroleum

Shareholders may have noticed on the 2nd May 2011 the announcement of Key Petroleum (ASX: KEY) to the ASX regarding the acquisition of Zeta Petroleum.

Cooper Energy has a share subscription agreement with Zeta Petroleum and currently owns 17.1% of Zeta Petroleum.

Cooper Energy is in negotiations with Zeta to convert the original share subscription agreement into a farm-in agreement on similar terms and conditions to the original agreement. As per the original agreement, the farm-in will be staged and dependent upon success milestones being reached. After a total potential expenditure of A$13 million for two wells, facility design and facility construction, Cooper Energy expects to earn 50% of the Bobocu Gas Field.

A decision on the first Bobocu appraisal well (drill or no-drill depending upon the economic attractiveness of a redevelopment of Bobocu) is expected in the next month.

If the Zeta and Key transaction proceeds, the Company?s 17.1% holding in Zeta Petroleum is expected be converted to 42,668,034 Key Petroleum shares (equivalent to 7.86% of Key Petroleum based on Key Petroleum?s currently issued ordinary securities). Cooper Energy will monitor its investment in Key Petroleum and decide on the appropriate future strategy for its shareholding.

Further Key Petroleum shares will be issued to the Zeta Petroleum shareholders depending upon the Bobocu milestones. The Key Petroleum ASX announcement should be reviewed for further details.


Despite their statement saying they would provide an update within a month about the Bobocu appraisal well, over two months later they've yet to make any further announcement.