Cooper Energy Raises Sumatra's Bunian Oil Field Reserves Assessment



Australia's Cooper Energy Limited (Cooper Energy) reported Tuesday that it has made an assessment of the reserves in the Bunian field in the Tangai-Sukananti KSO in South Sumatra, Indonesia, following analysis of the results of the Bunian-3 ST2 well which was completed earlier this month and reported to the ASX April 27 and May 4.

The net share of Proved and Probable (2P) reserves attributable to Cooper Energy at May 18 is 1.55 million barrels of oil (MMbbl). This represents an increase of 1.26 million barrels of oil compared to the previous assessment of 0.33 million barrels as at June 30, 2014 and taking account of production to May 18.

Oil Reserve Estimate (in MMbbl) as at May 18 for Bunian Field, Sukananti KSO, South Sumatra, Net* to Cooper Energy

  • TRM3 Sand: 1P^ - 0.52; 2P~ - 1.19; 3P** - 2.26
  • K1 Sand: 1P^ - 0.18; 2P~ - 0.36; 3P** - 0.75
  • Total Fields^^: 1P^ - 0.70; 2P~ - 1.55; 3P** - 3.01

* Net: Reserves attributable to Cooper Energy’s 55 percent interest in Tangai-Sukananti KSO
^ 1P: Proved reserves
~ 2P: Proved and Probable reserves
**  3P: Proved, Probable and Possible reserves
^^ Total: Totals may not reflect arithmetic addition due to rounding. The method of aggregation is by arithmetic sum by category. As a result, the 1C (P90) resource may be a very conservative estimate and aggregated 3C (P10) may be a very optimistic estimate due to the effects of arithmetic summation

Bunian Field 2P Reserves Changes (in MMbbl) Since June 30, 2014

  • Reserves as at June 30, 2014: 1P^ - 0.04; 2P~ - 0.33; 3P** - 0.59
  • Revisions: 1P^ - 0.70; 2P~ - 1.26; 3P** - 2.46
  • FY 15 Production ~~: 1P^ - -0.04; 2P~ - -0.04; 3P** - -0.04
  • Reserves at May 18: 1P^ - 0.70; 2P~ - 1.55; 3P** - 3.01

~~ FY15 Production: Net production in the period June 30, 2014 to May 18

Cooper Energy Managing Director David Maxwell said “Bunian-3 has increased the remaining reserves in the Bunian field by more than 350 percent which is a very pleasing result and reinforces our view of the upside opportunities in our Indonesia portfolio. In addition, Bunian-3 identified further potential in the TRM1 and TRM2 sands and opportunities for additional upside which could be tested by a further well.”


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