Cooper Energy Cites Perlubie, Perlubie South Recoverable Oil Volumes

Cooper Energy

Further to the various announcements made on the Perlubie and Perlubie South new oil discoveries, Cooper Energy announced that the Perlubie-1 well is producing into the PEL92 production facilities and the Perlubie South-1 well has been completed as an oil producer and will contribute to PEL92 production volumes later in 2009 after the installation of a flow-line to tie the well into the Parsons facilities.

Cooper Energy's estimates of recoverable oil volumes for the two oil fields are as follows:

  Low Estimate
(barrels of oil)
Medium Estimate
(barrels of oil)
High Estimate
(barrels of oil)
Cooper Energy Classification P90 Recoverable Oil P50 Recoverable Oil P10 Recoverable Oil
SPE PRMS Classification Proved Reserves Proved plus Probable
Proved Plus Probable
plus Possible Reserves
(Developed On Production)
328,000 458,000 629,000
Perlubie South (Undeveloped Justified for Development) 113,000 151,000 196,000
Total 441,000 609,000 825,000

Both these oil fields will increase Cooper Energy's oil ultimate recovery and assist in sustaining the Company's future oil production volumes.