Cooper Energy reported that drilling in PEL92 in the Cooper Basin is expected to commence within the next seven days. Up to eleven wells are planned to be drilled in a back to back program.
High Impact Appraisal/Development Wells
The program will commence with the drilling of two appraisal/development wells on the prolific Parsons Oil Field. These wells are expected to accelerate production of the 800,000 barrels of Proved Reserves (100% Joint Venture) and increase recovery over the field’s economic life. The two wells are forecast to initially add 1,000 barrels of oil per day (100% Joint Venture) to PEL92 production, which is currently around 5,000 barrels per day.
Attractive Exploration Targets
Exploration prospects to be targeted by the program range in size from approximately 0.5 to 5.5 million barrels of oil Prospective Resources (100% Joint Venture). If successful these projects would be expected to result in a material reserves and production upgrade for the Company.
Successful Production Risk Management
PEL92 transports crude via the PEL92 to Tantanna flow-line, which has enable production from PEL92 to continue during the recent flooding as the flow-line removes the need for offtake trucking.
Drilling Continuity Risk Management
The Kudnarri Bridge has been constructed to provide vehicle access to drilling locations while the Cooper Creek is flowing. Work is also underway to maintain supply to the drilling rigs in the event that further flooding or local rain temporarily limits road access. Contingency plans include the setting up of supply hubs on the western side of the Cooper Creek for services such as wireline logging and cementing.
Mr. Michael Scott, Managing Director noted that "we are very pleased to be commencing drilling again in the Cooper Basin. The extraordinary rain and flooding that has occurred over the past year severely curtailed our ongoing drilling plans. As drilling is core to supporting our organic growth aspirations, in the event of success we are looking forward to this large back to back program materially increasing our reserves, production and value."
The PEL92 Joint Venture consists of Beach Petroleum (75% and Operator) and Cooper Energy (25%).
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