Cooper Energy is pleased to announce that the Callawonga-5 appraisal and development well has successfully delineated the eastern flank of the main crest of the Callawonga Oil Field. The well penetrated the top of the reservoir as prognosed with oil and gas shows and logs demonstrating a full oil column. Callawonga-5 will now be cased and suspended as a future oil producer.
Prior to the end of February 2009 a workover rig will run a completion in the well and the well will then be tied into the Callawonga Oil Facilities. Following the running of casing and suspension of Callawonga-5, the rig will move to drill the Callawonga-6 appraisal/development well on the south-west flank of the Callawonga Oil Field.
Cooper Energy has a 25% interest in the Callawonga Oil Field and the PEL92 area. An announcement will be made upon the spud of Callawonga-6.
PEL92 lies in the north of South Australia on the western margin of the Cooper Basin. PEL92 contains a full section of Cretaceous and Jurassic sediments, with Permian sediments subcropping in the eastern part of the block. The Permian subcrop edge is considered to form the migration pathway for oil into the Jurassic reservoirs that form the main exploration targets within the block.
Cooper Energy has participated in the following discoveries in PEL92: Christies, Sellicks, Silver Sands, Callawonga and Parsons. The Joint Venture initally acquired 3D seismic data over the Sellicks and Christies oil fields which led to successful development drilling. As a result of the discovery of the Callawonga oil field and an upgrade in prospectivity, an exploration 3D seismic survey was acquired over the main exploration fairway in the Block. The Joint Venture subsequently discovered the Parsons oil field and upgraded prospectivity further then acquired a second exploration 3D seismic survey located to the west of the initial 3D. Based on the success to date and the extensive leads and prospects portfolio, the block remains highly prospective for oil exploration.
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