Cooper to Drill 2 More Onshore Callawonga Wells

Cooper Basin
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Cooper Energy announced that the PEL92 Joint Venture has approved the drilling of two further appraisal/development wells in the Callawonga Oil Field in the Cooper Basin, South Australia, following the
conclusion of reservoir simulation studies.

The PEL92 production area includes the Parsons, Callawonga, Christies, Silver Sands and Sellicks oil fields.
Callawonga-5 will be drilled on a structural ridge between Callawonga-1 and Callawonga-4, and Callawonga-6
will be drilled on the south western flank of the field.

Both wells will be drilled to approximately 1,400 meters targeting the McKinley and Namur sandstones, which form the reservoir in the Callawonga Oil Field.

The wells are expected to cost A$1.4 million (Cooper share A$0.35 million) each to drill, case and suspend, demonstrating the low cost development opportunities that Cooper Energy is pursuing onshore Australia.

The PEL92 Joint Venture has identified four potential well locations in the Callawonga Oil Field and the Joint Venture may decide to drill an additional two wells following evaluation of the results from Callawonga-5 and Callawonga-6.

At this time, it is expected that Callawonga-5 and Callawonga-6 will be drilled back to back with the Gunyah-1 and Perlubie-1 PEL92 exploration wells, which are scheduled to be drilled in early December 2008, resulting in a late December 2008 or early January 2009 spud.

Cooper Energy is pleased to continue with the program of low cost and low risk development onshore Australia. In the event of a successful outcome, the Company looks forward to these wells contributing to Cooper Energy's reserves, production and revenue portfolio.


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