HISTORY

History

The Company was established on 26 July 2005 for the purpose of acquiring all the shares of Coogee Resources Oil & Gas Pty Ltd (Coogee Resources Oil & Gas) from a subsidiary of Coogee Chemicals Pty Ltd (Coogee Chemicals)

Coogee Chemicals acquired a methanol plant in Laverton, Victoria and certain intellectual property rights relating to the methanol production from BHP Billiton Petroleum Pty Ltd (BHP Petroleum) in 2000. In the following year, Coogee Chemicals acquired the AC/RL3 retention lease from Nexen Petroleum Australia with a view to utilising the methanol technology from the plant to develop the gas resources located in the lease.

Coogee Chemicals then proceeded to investigate the opportunity of an oil development at Montara by farming out a 50% interest in the lease to a subsidiary of Newfield International (Australia) Pty Ltd (Newfield) in exchange for the drilling of the successful Montara-3 appraisal well. When Newfield Exploration Company decided to dispose of its entire upstream oil and gas business in Australia, Coogee Chemicals acquired Coogee Resources Oil & Gas (formerly Newfield). Through this acquisition Coogee Chemicals gained control of Newfield's interests in the Montara oil field, the producing Jabiru and Challis oil fields and FPSOs and the Cash/Maple gas fields.

During 2004 and 2005, Coogee Resources Oil & Gas, through its subsidiary Coogee Resources (Ashmore Cartier) Pty Ltd, took up additional exploration acreage in the surrounding area when it was awarded the AC/P34 exploration permit covering the Skua and Swift/Swallow oil fields and acquired an interest in the AC/P32 exploration permit. It also increased its ownership share in the Jabiru and Challis Joint Venture and in the joint venture for Cash/Maple.

Following the Company's acquisition of Coogee Resources Oil & Gas from Coogee Chemicals, Coogee Resources has undertaken a successful exploration program with the Swift North 1/ST1 and Swallow-1 discovery wells.

In July 2007, the Montara debt and equity funding package was finalised, which saw Babcock & Brown introduced as a significant shareholder. Development of the Montara, Skua and Swift/Swallow oil fields has been ongoing since November 2006, with conversion of the 'Montara Venture' FPSO commencing in July 2007.

Coogee Resources History of Events

A number of Coogee Resources' existing personnel have been involved in operating the Jabiru and Challis Joint Venture throughout the Coogee Chemicals and Newfield periods of ownership. The Company intends to utilise this experience in the continued production from the established Jabiru and Challis operations and in the development of the Montara Project.