COE now taking over SNE has imo just added a third vote of confidence to the unconventional potential of the Otway and Gippsland basins (Confidence vote 1 was BPT farming in for $50m Confidence vote 2 was Armour Energy farming in and having option for 25% PRL-2 for $30)
The driving force behind Coopers takeover is summed up by 2 things
First the "About Somerton" summary which is in the takeover/merger document and pretty much sums up Somertons assets
"About Somerton Energy Somerton Energy Limited is a petroleum exploration company, listed on the ASX and based in Adelaide, South Australia. Somerton’s strategic focus is on unconventional oil and gas plays and other high impact petroleum projects, primarily in the onshore Otway and Gippsland Basins of Victoria and South Australia, where it holds interests in seven petroleum tenements."
Secondly the image that is attached showing Somertons projects
Now compare this to LKOs project locations
The Gippsland & Otway area just got a whole lot hotter!
LKO Price at posting:
0.7¢ Sentiment: Buy Disclosure: Held
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