ade/bpt - cooper interest

Thought this might be of interest, don't hold either, post here because of stx interest in cooper.

Cheers, vaga

Sydney - Monday - August 15: (RWE Aust Business News) - Adelaide
Energy (ASX:ADE) has entered into a strategic alliance with Beach Energy
(ASX:BPT) over interests in the Nappamerri Trough in the Cooper Basin.
BPT has today subscribed for 14 million shares in ADE at a price
of 16.5c, raising $2.31m.
BPT has also agreed to subscribe for a further 59.5m shares in
ADE at the same price, subject to the approval of ADE's shareholders.
As part of this deal, ADE will grant BPT an options package of
75m unlisted options, with a strike price of 40c, exercisable within five
years, again subject to the approval of ADE shareholders.
Directors have signalled their intention to vote their shares in
support of this share and options issue at the general meeting.
Subject to this share issue being approved, BPT will then own
19.95pc of ADE's issued share capital.
The ADE board has extended an invitation to BPT to nominate a new
director of ADE, which is currently under consideration by BPT.
ADE's $2.5m net carry from BPT in PEL 218 has recently come to an
end.
ADE also wishes to advise the market that it has recently had
some management level discussions with Somerton Energy (ASX:SNE), a
company in which BPT has a shareholding, over the possibility of entering
into a merger agreement to support a scrip-based ADE off-market offer to
SNE shareholders.
Those discussions are incomplete, have come to no understanding
on pricing levels and may not lead to any transaction.