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JV to Review SA's Otway Basin Drilling Data Before Further Exploration Work

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Cooper Energy Limited reported Tuesday that Bungaloo-1 in PRL 32, the second of two deep wells drilled in the Penola Trough, onshore Otway Basin, South Australia, has been cased and suspended after cutting cores in the Casterton Formation and Lower Sawpit Shale.

Bungaloo-1 was drilled to a total depth of 12,181 feet (3,713 meters) and recovered a total of 337 feet (103 meters) of conventional core from the Casterton Formation and the Lower Sawpit Shale, the primary and secondary targets of the well respectively. Elevated mud gas readings and hydrocarbon fluorescence were observed within sandstone intervals of the Lower Sawpit Shale from 10,187 to 10,656 feet (3,105 to 3,248 meters) in addition to elevated mud gas readings in the Casterton Formation from 10,833 to 12,057 feet (3,302 to 3,675 meters) and Basement from 12,057 feet (3,675 meters) to total depth.

The results from Bungaloo-1 follow encouraging results from the previous well in the drilling program, Jolly-1, which observed elevated mud gas readings in the Casterton Formation and Lower Sawpit Shale and recovered 48.4 feet (78 meters) of conventional core. Bungaloo-1 is located 8.7 miles (14 kilometers) northwest of Jolly-1.

Cooper Energy Exploration Manager Andrew Thomas said “the occurrence of hydrocarbon shows across similar stratigraphic levels in both wells has vindicated our pre-drill model targeting the Casterton Formation in late oil/early gas generation windows in the Penola Trough. Early indications are that the results of Bungaloo-1 have extended the Casterton play fairway.”

The joint venture will now analyze the data and cores obtained from the two wells to build understanding of the gas potential of the Penola Trough before undertaking decisions on the next steps in its exploration program in the region. The results to date open up opportunities for future evaluation of the prospectivity of the deeper Penola Trough areas and prospects not previously explored.

Cooper Energy and Beach Energy hold a common interest of 30 percent and 70 percent respectively in the South Australian permits PEL 494, PEL 495 and PRL 32 that cover most of the South Australian section of the Penola Trough and Beach Energy is the Operator.

Separately, Cooper Energy revealed that Morgan-1, the first well of the current three well exploration campaign in PEL 92, Cooper Basin, South Australia, has been plugged and abandoned after reaching a total depth of 6,791 feet (2,070 meters) and failing to record any significant hydrocarbon shows.


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