Cooper Starts Up Production at Parsons

Cooper Energy announced that the Parsons Oil Field facility in PEL92 in the Cooper Basin, South Australia, has commenced production.

The Parsons-1 well was brought on-line through the facilities at 2,640 barrels of oil per day (660 barrels of oil per day Cooper Energy Share) with a flowing tubing head pressure of 154 psig through a ½” choke.

Parsons-2 is expected to be brought on-line through the facilities in the next 2 weeks and will add to the production capacity of the Parsons Oil Field. Production off-take from the facility will be stabilised and optimised in the following weeks.

The Parsons Oil Field is expected to yield over 1.4 million barrels of recoverable oil (P50 confidence level, 0.4 million barrels Cooper Energy share) thereby boosting Cooper Energy’s mid-year developed recoverable oil (proved) portfolio.

With oil prices continuing to be buoyant around US135 per barrel the Parsons Oil Field low-cost and high-margin production will immediately boost Cooper Energy’s unhedged production revenue base.