The new agreement, along with the other contracts with O-I Australia, Alinta Energy and EnergyAustralia, means a total of 20 PJ of the 25 PJ annual supply anticipated from Sole is now subject to binding agreements.
“We have now achieved our target gas sales for FID,” said Cooper Managing Director David Maxwell.
“Securing agreement for 80 per cent of annual production with blue chip customers means the Sole Gas Project has highly attractive credentials for financing and retained upside for shareholders from the short term and spot market.”
Sole FID is expected to occur in the March quarter 2017, with first gas from the project scheduled by March 2019.
The project involves development of the Sole gas field, located in VIC/RL3 in the offshore Gippsland Basin and approximately 62 km from the Orbost Gas Plant.
Early project designs indicate that a subsea pipeline will be constructed to transport gas from the field to the gas plant.
Cooper Energy is the sole interest holder in the field and the gas plant, where Sole gas will be processed and delivered to the Eastern Gas Pipeline.
