Cooper Energy Upgrades Contingent Resource at Sole Field in Gippsland Basin



Cooper Energy Limited announced Thursday that it has upgraded its net 2C Contingent Resource estimate in the Sole field to 121 petajoules (PJ) following reinterpretation of the results of special core analysis of the reservoir section in the Sole-2 well in VIC/RL3 in the Gippsland Basin, Australia.

The Contingent Resource estimate (refer table below) has been determined by Cooper Energy and was completed Nov. 26.

Contingent Resource Estimate in Kingfish Formation, Sole Field, Offshore Gippsland Basin, Victoria

  • Gross (100 percent field)^
    • Sales Gales (PJ): 1C (P90) - 203; 2C (P50) - 241; 3C (P10) - 285
    • Oil Equivalent (MMboe)*: 1C (P90) - 34.9; 2C (P50) - 41.4; 3C (P10) - 49.0
  • Net Energy to Cooper Energy~
    • Sales Gales (PJ): 1C (P90) - 102; 2C (P50) - 121; 3C (P10) - 143
    • Oil Equivalent (MMboe)*: 1C (P90) - 17.5; 2C (P50) - 20.8; 3C (P10) - 24.6

^ Gross: Contingent Resources attributed to 100 percent joint venture interest in VIC/RL3.
~ Net: Contingent Resources attributed to Cooper Energy’s 50 percent interest in VIC/RL3 offshore Victoria.
* The conversion factor of 1 PJ = 0.171936 MMboe has been used to convert from Sales Gas (PJ) to Oil Equivalent (MMboe).

The Sole gas project is located 28 miles (45 kilometers) offshore Victoria in water depths ranging from 393 feet (120 meters) to 426 feet (130 meters).

Participating interests in VIC/RL3 are:

  • Cooper Energy Limited (50 percent)
  • Santos Limited (50 percent and Operator)

Status

The joint venture partners have commenced Front End Engineering and Design (FEED) and the studies are progressing on schedule and within budget, for the Final Investment Decision on development in the September quarter of 2016 to supply gas to eastern Australia from early 2019.


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