Australia-listed Cooper Energy Limited announced Tuesday that the Victorian Government has granted two new exploration permits, PEP 150 and PEP 171, for initial 5 year terms commencing Aug. 26. Cooper Energy (through its wholly owned subsidiary, Somerton Energy Pty Ltd) will hold interests of 20 percent and 25 percent respectively in PEP 150 and PEP 171, which are located onshore in south western Victoria, Australia.
Cooper Energy considers the permits to be prospective for both oil and gas in the Sawpit and Casterton Formations, with a range of conventional and unconventional plays identified. Initial activity is expected to consist of acquisition of 3D and 2D seismic in 2014, followed by exploration drilling in both permits in subsequent years.
Participants of PEP's 150 and 171 are:
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