Cooper Begins Drilling at Elliston-1 Well

Cooper announced that the Elliston-1 exploration well in PEL92 spudded at 1400 hours, Saturday, August 6, 2011. The surface hole has been drilled to 636.7 meters and the current operation is cementing the 9?" casing.

The well’s primary objective is the Namur Sandstone with secondary objectives in the Birkhead, Hutton and Poolowanna Formations. Elliston-1 is located 1.3 km east of the Parsons-1 discovery well and 3.6 km northeast of the Perlubie oil field. The well will be drilled to a total depth of about 1,863 meters and is expected to take about 8 days to drill and evaluate.

The primary objective Namur Sandstone, which is the oil reservoir in the nearby oil fields, is estimated to contain 0.211 million barrels of Prospective Resources (P50). The deeper formations would be expected to add to this estimate if they result in discovery.

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