Cooper Secures Rig to Drill 2 Wells in South Australia's PEL92

Cooper Energy has announced that the Ensign #30 rig has been contracted to drill two low-risk exploration targets in PEL92 in the Cooper Basin, South Australia, commencing the first well in early December 2008.

The wells are targeting the Gunyah and Perlubie prospects that lie 1.3 km and 2.6 km respectively south of the Parsons-2 well that is in the recently discovered Parsons Oil Field.

The prospects are covered by the same 3D seismic survey that enabled the discovery of the Parsons accumulations.

The wells are targeting a number of reservoirs from the Namur down to the Poolowanna with Gunyah-1 also testing a deeper large structural target in the Kaladina. The total depth for the wells is 2,050 meters for Gunyah-1 and 1,796 for Perlubie-1 with well costs of A$1.8 million and A$1.6 million respectively.

The prospects have a combined volume of one million barrels of oil in place (P50) at the Namur Sandstone level with upside volume potential if the other formations result in a discovery.

The next announcement on these wells is expected to be at spud in early December 2008.