An Australian business of Thailand’s state-run oil company, PTTEP, will buy up all the shares in Western Australia’s Coogee Resources Ltd. in a Christmas purchase worth US$170 million.

Coogee owns all fo the Montara Project, operates the Jabiru and Challis offshore oilfields and owns interests elsewhere for up to 45 million barrels in reserves. But the company was in debt $243 million.

CRL had net debt of approximately USD 243 million. Based on the purchase price and net debt, the estimated EV/BOE multiples of 1P reserves is approximately USD 12.90.

PTTEP chief exec Anon Sirisaengtaksin said in a statement that the mostly gas reserves were “strategic” when considering Aussie and Thai thirst for natural gas.

He also said he saw a “potential for monetization of significant stranded gas resources through Floating LNG technology” right near Thailand. Australian staffs were to be kept onboard, a statement said.

Tags: Coogee Resources Limited, PTTEP