Cooper Increases PEL92 Production to 5,000 BOPD

Cooper Energy has advised its shareholders and investors that production from the prolific PEL92 production area has been boosted to approximately 5,000 barrels of oil per day (Cooper Energy share 1,250 barrels of oil per day).

On Wednesday, November 26, 2008, following a series of successful well workovers, the PEL92 fields exported over 5,000 barrels of oil per day. The Callawonga Oil Field alone contributed approximately 4,000 barrels of oil per day to this total.

The Parsons to Callawonga 9 kilometer 5 inch glass reinforced epoxy flowline was also commissioned on Wednesday, November 26, 2008. The flowline connects the Parsons Oilfield through the Callawonga and Tantanna facilities to the Cooper Basin pipeline system, which allows for PEL92 crude transportation all the way to Port Bonython for export. The Parsons-2 production well has also been tied into this system.

Further production enhancements are expected in the near future with the installation of the Parsons-1 high volume artificial lift, which is expected to boost the production capacity of this well to 2,000 barrels of oil per day, and the development drilling of two wells on the Callawonga Oilfield, which is expected to commence in December this year.

The completion of the Parsons high volume artificial lift project alone is expected to boost the PEL92 Joint Venture production up to approximately 6,000 barrels of oil per day (Cooper Energy share 1,500 barrels of oil per day), subject to downstream production constraints.