Cooper Energy Confirms New Oil Discovery at Perlubie South-1

Further to the announcement made last week on the Perlubie South-1 oil shows, Cooper Energy reported that the wireline logging program has been completed on the Perlubie South-1 well and has confirmed that Perlubie South is a new oil discovery. Beach Petroleum operates the well with a 75% working interest; Cooper Energy holds the remaining 25%.

The preliminary evaluation of the logging program shows that Perlubie South-1 has intersected an oil column between 1,313 and 1,316 meters. The oil water contact appears to be very similar to that encountered in Perlubie-1, which lies just to the north.

The logs show that the reservoir appears to be a similar high quality to other producing Namur oil reservoirs in the near vicinity.

The well has been cased and suspended as a future oil producer and will most likely be tied into the production system through the nearby Perlubie Oil Field.

Estimates of the recoverable oil volumes are currently under review. Based on the slightly smaller than expected oil column, the recoverable oil volumes will most likely be less than the pre-drill estimates. The estimates will be announced once post-drill mapping and volumetric parameters have been finalized.

The Ensign 30 rig was released from the Perlubie South-1 location at 08:00 am this morning and will move to the Butlers-1 location.