Cooper Energy Gives Resource Estimate at Basker, Manta Fields Off Gippsland

Cooper Energy Limited (Cooper Energy) announced Monday that it has assessed its net 2C Contingent Resource in the Basker and Manta fields in VIC/L26, VIC/L27 and VIC/L28 in the Gippsland Basin to be 18.0 million barrels of oil equivalent (MMboe). This estimate will be included in Cooper Energy’s formal statement of Reserves and Resources as at June 30, to be included in the Company’s 2014 Annual Report to shareholders.

The Basker-Manta gas and liquids project is located 40 miles (65 kilometers) offshore Victoria in water depths ranging from 410 feet (125 meters) to 853 feet (260 meters). Participating interests in the licenses are:

  • Cooper Energy (65 percent and Operator)
  • Beach Energy (35 percent)

Contingent Resource Estimates in Basker and Manta Fields, Offshore Gippsland Basin, Net to Cooper Energy

Net* Contingent Resources as at June 30

  • Basker Field
    • Oil & Condensate** - 1C (P90) 1.5 million barrels;  2C (P50) 2.8 million barrels; 3C (P10) 4.5 million barrels
    • Gas*** - 1C (P90) 8.1 billion cubic feet^ (Bcf); 2C (P50) 19.2 Bcf; 3C (P10) 42.8 Bcf
    • Total^^ - 1C (P90) 3.1 MMboe~; 2C (P50) 6.6 MMboe; 3C (P90) - 12.9 MMboe
  • Manta Field
    • Oil & Condensate** - 1C (P90) 1.3 million barrels;  2C (P50) 1.9 million barrels; 3C (P10) 2.8 million barrels
    • Gas*** - 1C (P90) 32.6 Bcf^; 2C (P50) 48.2 Bcf; 3C (P10) 75.1 Bcf
    • Total^^ - 1C (P90) 7.8 MMboe~; 2C (P50) 11.4 MMboe; 3C (P90) - 17.6 MMboe
  • Total Basker and Manta Fields
    • Oil & Condensate** - 1C (P90) 2.8 million barrels;  2C (P50) 4.7 million barrels; 3C (P10) 7.2 million barrels
    • Gas*** - 1C (P90) 40.7 Bcf^; 2C (P50) 67.3 Bcf; 3C (P10) 117.9  Bcf
    • Total^^ - 1C (P90) 3.1 MMboe~; 2C (P50) 6.6 MMboe; 3C (P90) - 12.9 MMboe

*Net: Contingent resources attributable to Cooper Energy’s 65 percent interest in VIC/L26, VIC/L27 and VIC/L28 offshore Victoria

**Oil and condensate: Crude oil and gas condensate from gas reservoirs

***Gas: Associated and non-associated gas dissolved in oil at reservoir conditions

^Bcf: Conversion factor of Bcf to PJ is 1 Bcf = 1.153 PJ


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