The deal involves OCA acquiring a 100 per cent stake in Transfield CSM, which holds interest in the Durham Transfield Project area. OCA will also acquire Tri-Star Petroleum's stake in the Fairview and Durham projects as well as its large exploration portfolio in the Walloon area.
OCA said the acquisitions consolidates its position as the largest CSM producer in Australia. Its share of the potential reserves in the Fairview and Durham projects after the acquistions is now 2 trillion cubic feet.
In other OCA news, the company said its net profit for the six months 31 December was $14.9 million. This compares to the $15.1 million reported for comparable period in 2000. OCA put the figure down to drops in oil price and production, which resulted in revenues falling by 15 per cent.
