Peter Hood, managing director of Coogee Chemicals yesterday announced that its subsidiary, Coogee Resources Pty Ltd, would acquire all of the issued capital of Newfield International (Australia) Pty Ltd ("NIAL") from Newfield with the acquisition to be completed during September.

The NIAL subsidiary company, Newfield Exploration Australia Ltd, is the operator and owner of 50% of the Challis and Jabiru oil fields and Hood said the immediate focus would be to maximise production from those assets while pursuing the development of the Montara prospect which was now 100% owned by Coogee Resources.

In June 2000, Coogee Chemicals acquired BHP Petroleum's methanol plant in Laverton Victoria which was built to develop technology suitable for the floating production of methanol. Hood said that the purchase of NIAL, which brought with it significant gas reserves, gave Coogee the opportunity to further develop off-shore production of gas chemicals.

Hood said the acquisition would increase the number of Coogee employees to 330 and increase turnover to $180M.