Cooper Energy awarded Bass Strait permit

Cooper Energy Ltd., Adelaide, has been awarded an offshore exploration permit in a central part of the Victorian Gippsland basin surrounded by major producing oil and gas fields.

190905 Cooper Bass Strait Map

Cooper Energy Ltd., Adelaide, has been awarded an offshore exploration permit in a central part of the Victorian Gippsland basin surrounded by major producing oil and gas fields.

The new permit, Vic/P75, is in addition to the company’s six other wholly owned exploration permits, production and retention licences in the basin surrounding the major Bass Strait fields held by the ExxonMobil Corp.-BHP joint venture.

Cooper says that previous exploration in Vic/P75 has been impaired by depth conversion issues related to velocity complexities above the main Latrobe formation reservoir targets. The company, however, believes that recent advances in 3D seismic reprocessing will provide greater clarity for mapping subsurface structures.

Cooper has already seen the benefits of the new technology in its Vic/P72 permit to the north.

Managing Director David Maxwell said the new permit strengthened the company’s Gippsland basin portfolio.

“The basin is the major gas-producing region in southeast Australia and presents as a competitive supply source for new developments,” he said. “Vic/P75 fits well within the portfolio we have built for the region which includes the recently developed Sole gas field (in Vic/L32), the Manta gas and liquids resource (Vic/RL13, Vic/RL13, and Vic/RL15) we are working to mature as the next Gippsland basin development, and our other exploration permit Vic/P72.”

The new Vic/P75 permit has been awarded for a 6-year term, the first 3 years of which will be taken with seismic reprocessing and geological and geophysical studies.

Cooper will consider farming down from its current 100% interest depending on the results of the initial programs and company’s value and risk management considerations.

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