News wires from last week carrying the story that BNB will sell...

News wires from last week carrying the story that BNB will sell its interest in Coogee Resources....maybe some $400m worth:


Australia Market Report of September 18: Markets Worry Who Will Be Next
Thursday September 18 12:52 PM

Sydney, Australia, Sept 18, 2008 - (ABN Newswire) - The Australian share market closed lower yesterday despite a positive lead from US markets and the United States central bank's rescue of global insurer American International Group (AIG). Overnight Wall Street plunged more than 4% after the US Federal Reserve has announced it would provide AIG with an $US85 billion rescue loan to save it from bankruptcy.

Babcock & Brown(ASX: BNB.AX) is though to be in talks for the sale of its 37 percent stake in oil and gas group Coogee Resources(ASX: CGR.AX). The value of the holding has increased in line with the stronger oil process, but Goldman Sachs JBWere yesterday lowered its short-term oil forecasts.

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Babcock invested $232 million in Coogee last year and has seen the value of that investment rise sharply in line with soaring energy prices, the paper said.

Coogee is about 60 percent owned by the Perth-based Martin family. Coogee Chairman Gordon Martin told the paper the family had no plans to sell out of the company.

Some banking sources said Babcock might prefer to hold its Coogee stake until the group's main project, the Montara field off western Australia with estimated reserves of 36.9 million barrels, comes into production. That is slated for December

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A preopen disclosure or even press confirmation, would be strongly market moving for BNB.




Terry McCrann is the correct spelling.