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Cooper Awarded Merangin III PSC Onshore Indonesia

Source: www.gulfoilandgas.com 3/21/2013, Location: Asia

Cooper Energy Limited is pleased to report that it has been awarded the Merangin III Production Sharing Contract (“PSC”) onshore Indonesia, on a 100% basis. The new PSC is located within the central portion of the highly productive South Sumatra Basin (refer map following) and is considered by Cooper Energy to be very prospective for both oil and gas.

The committed Merangin III PSC work program consists of seismic acquisition and one well at a total cost (100% basis) of US$9.7 million over the initial 3 years. There is also a signature bonus of US$2 million for the PSC.

The Merangin III PSC is immediately adjacent to the Suban Field, which has reported Original Gas in Place in excess of 6 TCF1. The reported gas prices for supply from fields adjacent to the Merangin III PSC are in excess of US$10/mcf2 and the reported gas price ex field is close to US$6/mcf2.

Cooper Energy Executive Director, Mr. Hector Gordon, said “The Merangin III PSC is highly prospective for both oil and gas and adds ‘company-maker’ sized opportunities to our exploration portfolio. We have already identified 18 possible drilling locations, each of which we assess to have the potential to make a substantial addition to our reserves base. The committed work program of seismic acquisition and one well is modest in relation to the prospectivity of the block”.

“Cooper Energy will initially hold 100% equity. However, in accordance with prudent risk management, we propose to farm-out a portion of our interest prior to any significant capital expenditure” he said. Mr. Gordon noted that Cooper Energy “had already received several expressions of interest from companies interested in acquiring equity in the Merangin III PSC.”

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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