PTTEP Look Likely To Snap Up Coogee

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It has emerged that Thailand's state-controlled PTT Exploration & Production (PTTEP) is interested in an acquisition of unlisted Australian producer Coogee Resources, and that PTTEP is carrying out due diligence of Coogee and its assets, the most promising of which is the Montara oil project in the Timor Sea. Coogee was put up for sale in October 2008 after the company's second-largest shareholder Babcock & Brown decided to sell its 35% stake, prompting a number of unsolicited bids. A data room was set up for the sale by investment bank Goldman Sachs JBWere, and there was initial interest from Australian