The program will begin in mid April and include four wildcat and four production wells.
Acacia Grove-1, the first well of Cooper's 2004 drilling program, is a wildcat well in PEL 100. Cooper, the well operator, is earning a 43.33% interest by funding 100% of the approximate $1.5 million drilling cost. Enterprise Energy, subject to a capital raising, may earn 15% of the block by paying for half of the cost.
Acacia Grove-1 is being drilled on a structure with a four way dip closure and an estimated 2 million barrels of oil-in-place in two potential reservoirs.
Cooper CEO, Mike Scott said we are particularly excited by this first well because it is being drilled on a structure up dip from Walkillie-1. Walkillie-1 encountered minor oil shows but our seismic interpretation shows the well was potentially drilled off the crest of the structure.
A feature of this year's program will be a number of development wells on the three producing oil fields.
Mr. Scott said more production and more reserves will be the objective of our development work in 2004.
"For a company having its second birthday this month it is simply outstanding to also be in the position of further developing our existing three discoveries at Sellicks, Christies and Worrior," he said.
"At the end of the day we are providing shareholders a balance of further development of existing assets, plus the blue sky potential of some outstanding wildcat discoveries in an under-explored but highly prospective hydrocarbon producing region."
In addition to its 2004 drilling program, Cooper will be evaluating other opportunities to enhance its presence and success in the Cooper Basin.
"The underwriting and popularity of our recent options exercise and the revenue from our production means that we are cashed up and hungry to pursue further quality growth opportunities," he said.
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