MELBOURNE, Apr. 20 -- Private Kwinana independent Coogee Resources Ltd., Perth, reported a second oil discovery at its Swallow-1 well in wholly owned Ashmore Cartier Permit AC/P34 in the Timor Sea.
The wildcat intersected a 25 m oil column in the primary Plover formation objective. The well also found a 3 m oil column in a secondary objective.
Coogee said that Swallow could hold as much as 2 million bbl of recoverable oil and produce at rates in excess of 5,000 b/d.
The find comes shortly following the company's Swift North-1 discovery and greatly enhances its plans for development of surrounding fields based on the earlier Montara and Skua oil accumulations (OGJ Online, Mar. 29, 2006).
Coogee says combined total reserves around Montara are now about 38 million bbl of recoverable oil. All accumulations are within tieback range of the planned Montara floating production, storage, and offloading facility.
The project is on schedule for funding agreement in the third quarter and production start in mid-2008.
Coogee acquired its Timor Sea assets in 2003, including shares in production from Jabiru and Challis oil fields and the undeveloped Montara discovery. Later it added Permit AC/P34, which contains the shut-in Skua field and now the Swift North and Swallow discoveries.