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Santos sheds Victoria gas assets for $82m

AAP logoAAP 23/10/2016

Energy giant Santos has agreed to sell its Victorian gas assets to junior explorer Cooper Energy for up to $82 million.

Santos will sell its 50 per cent interest in the Casino-Henry project, 50 per cent interest in the Sole gas field and Orbost gas plant, and 10 per cent stake in the Minerva gas field and gas plant as part of the deal.

Cooper, which will lift its Australian production four-fold as a result, will fund the deal partly through a 1-for-2 rights share offer to raise $62.6 million.

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