Hancock, who was the WA manager for Morgan Stockbroking for many years until starting his own corporate finance consultancy in 1998, said they had particular areas of ground in mind, and therefore wanted to see who picked up the permits before Cooper showed its hand.
"We were looking at the Northern and Western areas of the Cooper Basin, and didn't want to go into a free for all grab bag of permits," he said.
The only permits of the six Hancock said he was able to disclose was the two farm ins to the Stuart Petroleum operated blocks of PEL's 90 and 93. The others were subject to confidentiality agreements, he said. All equities ranged from 25-40%, which Hancock said were significant stakes for the company.
He said Cooper was looking at 4 wells this year and a total of nine over the 2 years.
Other directors are Tony Wright, a former Santos exploration manager (which should make for easy dealings with Stuart's fellow Santos refugee, Rod Hollingsworth) and former Salomon Smith and Barney and Deutsche Bank executive, Rob Kirtlan, making up the third director.
Original promoters of the float include (in addition to those listed above) Neil Clark and Alan Bale. Cooper is looking to raise $7.5 million - with the capacity to be over subscribed to $10 million - by issuing 37 million, 25 cent shares, which includes a free option.
Tolhurst are shaping up to be the underwriters to the float, though not confirmed, which is expected to hit the streets in early February. The corporate office is located at Level 23, 44 St Georges Tce, Perth, WA 6000. Ph: 08 9268 2509 Fax: 9336 6101. An operational office will be set up in Adelaide once the listing has been completed.
