Cooper Spuds Parham-1

Cooper Energy announced Tuesday that the Parham-1 exploration well in PEL92 spudded at 4:00 pm on Sunday 1 May 2011. The surface hole has been drilled to 616 meters and the current operation is running the surface casing.

Parham-1 is the first exploration well in the current drilling program, following successful appraisal/development drilling on the Parsons and Butlers oil fields.

The Parham Prospect is located 0.5 km southwest of the Butlers Oil Field. The well's primary objective is the Namur Sandstone with secondary objectives in the Birkhead, Poolowanna and Kalladeina Formations. Parham-1 is located 1.0 km to the southwest of the Butlers-1 well. The well will be drilled to a total depth of about 1,779 meters and is expected to take 8 days to drill and evaluate.

The Namur Sandstone primary target, which is the oil reservoir in the Butlers oil field, is estimated to contain 0.321 million barrels of Prospective Resources (P50). The deeper formations would be expected to add to this estimate if they result in discovery.