Tuesday 8 May 2018

Cooper Energy announced it has been awarded the offshore exploration permit VIC/P72 located in the Gippsland Basin, offshore Victoria.

VIC/P72 adjoins the company’s VIC/L21 licence which holds the depleted Patricia-Baleen gas field and its associated subsea production infrastructure. The exploration permit is located in close proximity to several Esso-operated gas and oil fields including Snapper, Marlin, Sunfish and Sweetlips and the Longtom gas field operated by SGH Energy.

Cooper Energy Managing Director David Maxwell said VIC/P72 is an attractive and logical addition to the company’s gas exploration portfolio on a number of counts.

The permit has been awarded to Cooper Energy for a six-year term, of which the first three years is a guaranteed work program consisting of 260 km2 of 3D seismic reprocessing and studies and the drilling of one exploration well. Cooper Energy has 100% equity in VIC/P72 and will assess involvement of joint venture partners according to value and risk management considerations.