OIL

Somerton building up Otway oil

SOMERTON Energy has bought a 15% stake in PEL 495 onshore Otway Basin from Cooper Energy for $1.1 million as it moves to build its oil portfolio.

"The acquisition of an interest in PEL 495 is a key step in building Somerton's portfolio of Otway Basin oil prospects," company managing director Hector Gordon said. "The permit contains seven prospects...

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