Cooper Energy announced to the market on October 14, 2008 that several key development activities were underway in the Cooper Basin. The immediate benefit of these activities is that the Parsons-2 well has been tied into the Parsons facilities and is contributing production.
Other activities noted in that release include:
All of these activities will assist in sustaining Cooper Energy's production and revenue levels and further announcements will be made on the individual items at the appropriate times.
Tunisia: Bargou (COE 100%)
The Bargou Prospecting Permit in Tunisia was successfully converted to a 5 year Exploration permit during the Quarter. The prospectivity review of the permit has revealed a large number of targets and Cooper Energy is now seeking partners to participate in drilling a number of these targets. An overview of the permit was announced to shareholders on September 24, 2008.
An independent review of the prospectivity has been conducted by RPS, which stated, "In our opinion, Cooper is managing its Tunisian portfolio in a thorough and professional manner which will maximise its ability to extract value from the many opportunities therein." RPS goes on further to state that "a simple arithmetic summation of the Mean Prospective Resources for all the prospects and reservoirs totals 1,224 million barrels of oil recoverable."
Cooper Energy is pleased that the review has confirmed the high prospectivity of this permit.
Tunisia: Hammamet (COE 35%)
The Hammamet Joint Venture has agreed that the Fuschia Prospect is the most likely candidate for drilling and is presently investigating rig availability for drilling in 2009. The Fuschia Prospect is situated on a ridge between the Cosmos Field, 15km to the east, and the Maamoura Field, 10km to the west.
Further details regarding Fuschia will be released upon conclusion of final geological technical work, which is nearing completion.
Australia: PEL92, Cooper Basin (COE 25%)
The 332km2 Modiolus exploration 3D seismic survey was acquired to the west of the permit. This data is now being processed and is expected to lead to further drillable prospects next year.
Based upon the existing 3D seismic dataset in the center of the permit, Gunyah-1 and Perlubie-1 are exploration wells located to the south of and on trend with the Parsons oilfield that have been approved for drilling in December 2008.
Indonesia: South Madura (COE 30%)
The 2D land seismic is continuing to be acquired, with a portion of that data currently being processed in Jakarta. The 2D seismic is being acquired to mature a shallow onshore prospect for drilling in 2009. The prospect is highly dependent upon the results of the seismic and a further announcement will be made once all the data has been acquired, processed and interpreted.
Indonesia: Seruway (COE 22.5%)
The 1,280 km Ibu Horst 2D offshore seismic survey was acquired and processed during the Quarter and is currently being interpreted to delineate a potential 2009 drilling target on the Ibu Horst.
The local gas market in North Sumatra is severely deficient in gas supply, presenting a significant opportunity for the Company given that the Seruway block is gas prone with a large number of gas occurrences demonstrated by earlier exploration wells.
Cooper Energy is keen to accelerate potential supply options for this region.
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