Cooper Confirms Oil Column at Parsons Well

Cooper announced that Parsons-4, the second well in the 2011 PEL92 area drilling campaign, was drilled to a total depth of 1,413 meters and wireline logs have confirmed that it has intersected a 5.5 meter oil column in excellent quality Namur sandstone, which is in line with pre-drill expectations.

Preparations are currently underway to case and suspend the well. The well will be tied-back to the Parsons production facilities at a later date and will provide an additional drainage point for the Namur oil reservoir to the south of the Parsons-1 discovery well.

The impact on production rates and reserves will be assessed once the full results of the current Parsons appraisal/development drilling program have been evaluated and production rates from the new development wells have been established.

The next well in the eleven well drilling program is Butlers-2, an appraisal/development well located about 1 km to the northeast of the Butlers-1 discovery well. The details pertaining to Butlers-2 will be announced when the well spuds.

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