Cooper reported that the processing and interpretation of the existing seismic in PEL495 in the onshore Otway Basin, South Australia, has been concluded and the work has resulted in the delivery of a substantial portfolio of oil exploration targets.
The geological and geophysical work has mapped 12 prospects and leads containing 52 million barrels (P50) of Prospective Resources across the Permit. Within that portfolio, the geological and geophysical work has identified the Sawpit Updip Prospect as the key to opening up the Sawpit Formation play fairway. Should the Sawpit Updip Prospect be successful there are numerous follow-up targets.
Mike Scott, Managing Director, noted, "We are pleased that the seismic reprocessing and interpretation work has resulted in a deep portfolio of prospects. With some 52 million barrels already identified over a portion of the block we believe that there is substantial running room if we can successfully prove the play with the drilling of a relatively low cost well. PEL495 was initially a low ranked block in our portfolio – the geological and geophysical work has elevated its status somewhat and we are looking forward to pursuing what could
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