Cooper Energy Successfully Completes Tangai-3 Workover Operation in Sumatra

Cooper Energy, an Australian oil and gas exploration and production company, announced Wednesday that the Tangai-3 workover operation in the Sukananti KSO in South Sumatra, Indonesia has been successful in restoring production to the well, which had been shut in by the field’s previous operator in 1997.

Tangai-3 has produced on free flow at rates of 77-126 barrels of oil per day (bopd) since the workover for 5 consecutive days through a 15/64 inch choke, with an 80-85 percent water cut.

Well testing is continuing and it is expected that it will be connected by a 1,640 foot (500 meter) flowline to the existing Early Production Facility at Tangai-1 to enable production to continue. In the meantime, production will continue via truck transportation. Plans are in place to add artificial lift which has the potential to increase production from Tangai-3 to 150-200 bopd. Any reserves addition will be assessed once further production data has been acquired.

The successful workover is the third Cooper Energy has conducted since being awarded the KSO in 2010. The previous operations recommenced production from Bunian-1 and Tangai-1.

“The workover results are another pleasing outcome for our program in Indonesia” said Cooper Energy Managing Director David Maxwell. “Through a relatively low risk, capital-light approach we have been able to lift production to 380 bopd through a process of analysis, gaining a fresh understanding of the fields and the application of basic operations and technology.”

“The success of the program is evident in the Indonesian production results. We have identified further opportunities, which we are planning to address in the current financial year” Maxwell said.

The Company recently announced production of 55,000 barrels of oil from Indonesia for the 12 months to June 30, more than double the previous corresponding figure of 25,000 barrels of oil.

“We are expecting further growth in our Indonesia production through the contribution anticipated from Tangai-3, with further upside potential from opportunities we have identified for drilling” he said.

A drilling campaign consisting of 2 firm wells (Bunian-3 and Tangai-5) is scheduled to commence later in 2014, with the possibility of a third well (Bunian-4) contingent on outcomes.

Cooper Energy is the Operator of the Sukananti KSO with a 55 percent interest. The balance is held by Mega Adhyaksa Pratama Sukananti Ltd, an affiliate of Foster Oil & Energy, a privately owned Indonesian company which participates and operates in several oil and gas blocks.


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