Cooper Energy Limited, 65 percent interest holder and Operator of VIC/L26, VIC/L27 and VIC/ L28 (Basker Manta Gummy or BMG Joint Venture) announced Thursday that the Cooper Energy BMG Business Case analysis has been completed with two key conclusions:
The Business Case is subject to joint venture partner review and endorsement. Concurrent to this review, the BMG Joint Venture will progress planning for the potential Manta-3 appraisal well.
The Business Case assessed gas resources at Manta to comprise a 2C Contingent Resource of 106 petajoules (PJ) of sales gas and 2.6 million barrels of condensate and a further 11 PJ of risked best estimate (P50) Prospective Resources. It was concluded that these resources can be developed most economically via a 2 well subsea development with gas export to the Orbost Gas Plant. The Manta Gas Project has the potential to produce 23 PJ of gas per annum for supply to eastern Australian gas users, with additional revenue from the condensate production.
The preferred option is distinguished from alternatives in its exclusive focus on the gas resource of the Manta field. This offers a simpler, lower risk, lower cost and more rapid development than the alternatives evaluated, which included floating facilities or a fixed platform to cater for oil production. An alternative scenario has been retained involving sub-sea development with an FPSO (Floating Production Storage and Offtake) vessel in the event that appraisal drilling indicates the subsea gas option is no longer the most suitable option.
The Manta gas field is located in the licenses held by the BMG Joint Venture (VIC/L26, VIC/L27 and VIC/L28) in the Gippsland Basin approximately 35.4 miles (57 kilometers) offshore Victoria in water depths of approximately 426.5 feet (130 meters).
Cooper Energy Managing Director David Maxwell said the Business Case has provided a clear pathway for establishing and developing an economic gas project at Manta.
“The Business Case outcome is very encouraging. It identifies a compelling business opportunity offering competitively priced gas with robust payback and returns for development. It is especially encouraging that the project works with the simplest, lowest risk and lowest capital development option. We are looking at a project which we believe has outstanding prospects, given successful drilling results from the limited drilling required,” he said.
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