Cooper Energy Spuds Parsons-1 Exploration Well

Cooper Energy says that the Parsons-1 exploration well spudded on Saturday November 17, 2007. The Parsons prospect is located in PEL 92 in the Cooper Basin. The prospect was matured for drilling following interpretation of the regional 3D seismic survey that was acquired in PEL 92 earlier this year. The prospect is located approximately 9km west-northwest of the Christies Oil Field and 8km west-southwest of the Callawonga Oil Field. The well’s primary objectives are the Namur, Birkhead and the Hutton formations, all of which are productive reservoirs at Christies. The P50 undiscovered recoverable oil volumes for the Sheringa prospect are 0.5 million barrels in the Namur reservoir and 0.4 million barrels at the Birkhead/Hutton level. The Poolowanna, Merrimelia and Kalladeina formations are secondary objectives of the well.