Drilling Commences at Perlubie-3 Appraisal Well in PPL 247 in Cooper Basin

Cooper Energy Limited disclosed Monday that Perlubie-3, an oil appraisal well located in PPL 247 on the western flank of the Cooper Basin, South Australia was drilled Monday March 30 at 00:30 hours. At 06:00 hours this morning the rig was drilling 12.25 inch surface hole at 272 feet (83 meters).

Perlubie-3 is targeting the Namur Sandstone and is prognosed to drill to a total depth of approximately 4,642 feet (1,415 meters) to appraise and develop the northern area of the Perlubie oil field. The well is located 984 feet (300 meters) west of Perlubie-1 and is expected to take approximately 9 days to drill and case.

The Perlubie field was discovered in 2009 and has produced approximately 131,000 barrels of oil from the Namur Sandstone reservoir since production operations commenced in May 2009.

Cooper Energy holds a 25 percent interest in PPL 247 with the balance held by the Operator, Beach Energy Limited.

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