Cooper Spuds Wheatons-1 Well

Cooper reported that the Wheatons-1 exploration well in PEL92 spudded at 1100 hours Thursday, July 7, 2011. The surface hole has been drilled to 678 meters and the current operation is making preparations to run the 9 5/8" casing.

The well's primary objective is the Namur Sandstone with secondary objectives in the Birkhead, Hutton and Poolowanna Formations. Wheatons-1 is located 10 km northeast of the Parsons oil field and 6.4 km northwest of the Callawonga oil field. The well will be drilled to a total depth of about 1,860 meters and is expected to take about 10 days to drill and evaluate.

The primary objective Namur Sandstone, which is the oil reservoir in the nearby oil fields, is estimated to contain 0.551 million barrels of Prospective Resources (P50). The deeper formations would be expected to add to this estimate if they result in discovery.