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Cooper Energy to Drill Bunian-4 Appraisal Well

Source: www.gulfoilandgas.com 7/2/2015, Location: Asia

Highlights:
• Rig moving to Bunian-4 location to appraise upside reserves potential
• KSO production currently at 800 barrels oil per day limited by production constraints
• Debottlenecking work to increase production in near term

Cooper Energy Limited announces that it has rescheduled its drilling plans for the Sukananti KSO, South Sumatra, Indonesia to prioritize the drilling of the Bunian-4 appraisal well, following analysis of the results of the successful Bunian-3 ST2 well. Preparations are now being made to spud Bunian-4 in mid-July 2015 following completion of rig maintenance.

As reported to the ASX 19 May 2015, Bunian-3 ST2 resulted in the addition of 1.26 million barrels of 2P oil reserves net to Cooper Energy. Interpretation of the log and test data acquired indicates that the volumes of oil and gas in the Talang Akar Formation TRM3 and K1 Sands in the Bunian field may yield significantly higher reserves and production potential than previously recognized.

The Tangai-5 development well, which had originally been scheduled to follow Bunian-3, will be deferred as appraisal of the Bunian field reserves is prioritized.

Bunian-4 will be drilled on a deviated trajectory to a subsurface target 380 meters south-southeast from the surface location and 450 meters from the Bunian-3 ST2 subsurface location at the top of the TRM3 Sandstone (Figure 2). Data from the well will provide clearer definition of the structure and will deliver critical information to assist in integrated field development planning to increase production and to optimize oil recovery.

The primary objective will be the TRM3 Sandstone to test the down-dip extent of the oil column in that reservoir. Bunian-4 will also help better define the oil-water contact depth in the K1 Sand.

The Sukananti KSO is currently producing at approximately 800 barrels oil per day (gross joint venture output) of which the Bunian field is contributing approximately 660 barrels oil per day.

Production is currently limited by export constraints and studies have been initiated to optimize the overall field development. In the meantime, a program of work is underway to increase short-term production capacity.

This includes increasing the surface facility fluid handling capacity, reviewing crude oil haulage and road infrastructure limits as well as addressing downstream pumping limitations and improving access to the Pertamina downstream pipeline network. When these debottlenecking activities are complete, it is anticipated that KSO gross production can be increased to over 1,000 barrels oil per day.

Joint Venture participants in the Tangai-Sukananti KSO are:
• Cooper Energy (55% and Operator)
• Mega Adhyaksa Pratama Sukananti Ltd (45%)

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