To fund its exploration activities in this country, as well as progress its Indonesian projects, the company has announced plans for a $60 million share placement, subject to approval by shareholders.

Cooper told the market this morning it had farmed-in to earn 35% of the Hammamet PSC, which it said contained many attractive exploration prospects.

In addition, the block contains the abandoned Tazerka oil field, which Cooper considers to have appraisal and redevelopment potential.

Cooper already owns 100% of the adjacent Bargou prospecting permit.

To earn its farm-in stake, Cooper will be required to make an immediate payment for the back costs on the permit and help fund future work.

The first well is expected to cost between $US15-25 million, depending on the prospect selected, the water depth at the prospect location, the day-rate on the rig selected to drill the prospect and the final well design.

The Hammamet PSC is currently 100% owned and operated by privately-owned Canadian company Storm Ventures International Inc.

Storm operates three permits in Tunisia and will remain the operator of the Hammamet PSC.

During 2007 Storm acquired 402 square kilometres of 3D and 240 km of 2D seismic over the exploration prospects and the Tazerka Field with a view to identifying the first target for drilling.

The joint venture is seeking to drill a well during 2008, subject to the conclusion of the technical studies and the availability of rigs in the region.

Cooper said it has undertaken a detailed review of the available data in the block and, in addition to the abandoned Tazerka Oil Field, has identified several attractive and reasonable risk exploration prospects.

The Tazerka Oil Field central block, which was the focus of production from an FPSO during the 1990s, has an in place oil estimate of 78 million barrels (P50) and produced 21 million barrels until the field was abandoned in 1998 due to low oil prices.

This morning, the company also announced it was placing 84.62 million new shares at 65c each to raise about $55 million.

In addition, the company is offering existing investors the chance to participate in a $5 million share purchase plan.

The funds will be used to fund the company’s exploration and appraisal program in Hammamet PSC farm-in, further exploration in the adjacent Bargou block and on-going work programs in the South Madura exploration block and the Seruway appraisal block in Indonesia.