Cooper Spuds Second Butlers Well

Cooper announced that the Butlers-3 appraisal/development well in PEL92 spudded at 3:30 pm April 19, 2011. The current operation is drilling ahead in the surface hole at 395 meters.

Butlers-3 is the second appraisal/development well on the Butlers Oil Field in the current PEL92 back to back eleven well drilling program and follows the successful appraisal of the northern extent of the field by Butlers-2. Butlers-3 is targeting the Namur oil reservoir 0.3km to the northwest of the Butlers-1 discovery well. The well will be drilled to a total depth of about 1,360 meters and is expected to take 9 days to drill and complete.

The Butlers oil field is currently producing approximately 1,400 barrels of oil per day from the Namur reservoir via the Butlers-1 well. It is expected that additional Butlers' development wells will more efficiently drain the field and accelerate production. The drilling will be accompanied by an upgrade of the Butlers surface facilities to handle the increased production. Oil production from Butlers is exported via the pipeline to Tantanna and then exported to Moomba.