Beach/Cooper JV to Spud Butlers-1 by Friday

Cooper Energy Ltd.

Cooper Energy announced that the Ensign 30 rig has been released from the Perlubie South-1 location and will move to the Butlers-1 location. Butlers-1 is located just south of the Perlubie South oil discovery and it is expected that the well will spud around Friday this week.

The expected plan is that the well will drill through the primary and secondary targets to total depth and then wireline logs will will be run early next week.

Pertinent details for the prospect are:

  • Primary target: Namur Sandstone
  • Primary target size: 1.37 million barrels P50 undiscovered recoverable oil1 (100% JV)
  • Secondary targets: Birkhead Formation, Hutton Sandstone, Poolowanna Formation.
  • Well depth: 1,770 meters
  • Well cost: A$1.64 million (100% JV)
  • Nearest oil fields: Perlubie South 2.6 km north.
  • Joint Venture: Beach Petroleum (75%), Cooper Energy (25%)