Drilling Continues at Cooper's Riley Well

Cooper Energy Limited announced that the Riley-1 exploration well in PEL92 spudded at 1400 hours, Tuesday, May 16, 2012. The surface hole has been drilled to 443 feet (135 meters) and the current operation is drilling 14 ¼" hole to 1,969 feet (600 meters).

The well's primary objective is the Namur Sandstone with secondary objectives in the Birkhead, Hutton and Poolowanna Formations. Riley-1 is located 3.2 miles (5.2 kilometers) southeast of the Butlers-1 discovery well and 4.2 miles (6.9 kilometers) southwest of the Christies oil field. The well will be drilled to a total depth of about 5,906 feet (1,800 meters) and is expected to take about 9 days to drill and evaluate.

The primary objective Namur Sandstone, which is the oil reservoir in the nearby oil fields, is estimated to contain 0.191 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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