Cooper Energy Continues to Drill Bunian-3 Oil Development Well in Sumatra

Cooper Energy Limited reported Thursday that the Bunian-3 oil development well in the Sukananti KSO, South Sumatra, Indonesia was drilling ahead at 3,330 feet (1,015 meters) in 12.25 inch hole at 06:00 local time Thursday.

The 17.5 inch hole section was successfully drilled to 1,338 feet (408 meters) as planned, however once the 13.375 inch casing had been cemented in place, additional time was required to deal with shallow gas and address related operational issues. These matters have been addressed and normal operations are now continuing. The latest estimate is that the well will reach its target depth of 5,518 feet (1,682 meters) during the final week of February.

Despite the increased operational time, the overall well cost is not expected to be materially different to the pre-drill approved budget figure.

Bunian-3 is an onshore vertical well in the Sukananti KSO, South Sumatra, Indonesia. The Bunian structure is a four-way, fault bounded anticline defined by the 2011 Sukananti 3D seismic survey. Bunian-3 is located 2,395 feet (730 meters) southwest of Bunian-1 and the primary target is the Talang Akar Formation TRM-3 Sand. The TRM-3 sand at Bunian-1 is currently producing approximately 200 barrels of oil per day and has cumulatively produced 960,000 barrels of oil. Secondary targets in deeper K and M sands will also be evaluated at Bunian-3.

Joint Venture participants in the KSO Tangai-Sukananti Block are Cooper Energy Ltd (Operator 55 percent) and Mega Adhyaksa Pratama Sukananti Ltd (45 percent).


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