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Currently holding 21% of the Cooper/Eromanga Basin exploration and production assets the former ExxonMobil subsidiary will offer an unsecured note that should convert into equity after 2008.
The hybrids will be issued by the Westpac managed investment vehicle Australian Energy Income Fund, but if converted will become equity in Delhi.
In 2003, Delhi Petroleum average production was approximately 27 thousand oil equivalent barrels per day.
Delhi was acquired by private equity group, Gradav, from ExxonMobil last year.
