Drilling Commenced at Cooper's Jaffa Well

Cooper announced that the Jaffa-1 exploration well in PEL92 spudded at 2330 hours on Saturday, November 12, 2011. The surface hole has been drilled to 590 meters and the current operation is cleaning the hole in preparation for running the 9⅝" casing. The well was originally scheduled as part of the recent PEL92 drilling program, but was delayed due to flooding of the well pad. Jaffa-1 will be the last well to be drilled by the PEL92 Joint Venture in 2011.

The well’s primary objective is the Namur Sandstone with secondary objectives in the Birkhead, Hutton and Poolowanna Formations. Jaffa-1 is located 2.4 km east of the Butlers oil field. The well will be drilled to a total depth of about 1,785 meters, and is expected to take about 8 days to drill and evaluate.

The primary objective Namur Sandstone, which is the oil reservoir in the nearby oil fields, is estimated to contain 1.051 million barrels of Prospective Resources (P50). The deeper formations would be expected to add to this estimate if they result in discovery.