Portfolio of Oil Targets Identified at AU Basin
Cooper reported that the processing and interpretation of the existing seismic in PEL495 in the onshore Otway Basin, South Australia, has been concluded and the work has resulted in the delivery of a substantial portfolio of oil exploration targets.
The geological and geophysical work has mapped 12 prospects and leads containing 52 million barrels (P50) of Prospective Resources across the Permit. Within that portfolio, the geological and geophysical work has identified the Sawpit Updip Prospect as the key to opening up the Sawpit Formation play fairway. Should the Sawpit Updip Prospect be successful there are numerous follow-up targets.
Due to the lack of data across the northern extent of the permit, acquiring additional seismic in this area is expected to result in additional leads being identified. The Sawpit Updip Prospect is drill ready and is expected to cost A$3-5 million to drill and test. Cooper Energy will be seeking to drill the Sawpit Updip Prospect as soon as practicable. Cooper Energy currently owns 100% of PEL495 and is the Operator. Cooper Energy will be seeking Joint Venture Participants to join Cooper Energy in the exploration of this permit.
Mike Scott, Managing Director, noted, "We are pleased that the seismic reprocessing and interpretation work has resulted in a deep portfolio of prospects. With some 52 million barrels already identified over a portion of the block we believe that there is substantial running room if we can successfully prove the play with the drilling of a relatively low cost well. PEL495 was initially a low ranked block in our portfolio – the geological and geophysical work has elevated its status somewhat and we are looking forward to pursuing what could
ultimately be a valuable addition to our reserves and resources portfolio."
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