Grant of Gippsland Basin Exploration Permit VIC/P80

Source: 4/13/2022, Location: Not categorized

• New exploration permit granted adjacent to Manta and Kipper gas fields
• Wobbegong prospective resource estimate is 238 Bcf (Gross mean)

Cooper Energy announces it has been granted 100% equity in exploration permit VIC/P80 located in the Gippsland Basin, offshore Victoria.

VIC/P80 is adjacent to several gas and oil fields including Sole to the east, Basker, Manta and Gummy to the south and Kipper to the west. The permit is granted to Cooper Energy for a six-year term. The primary three-year term is a guaranteed work program consisting of licencing 3D seismic data and geological and geophysical studies.

Previous exploration in VIC/P80 discovered the Leatherjack oil field. Cooper Energy has identified prospectivity in the Golden Beach and Emperor Sub-Groups. Nearby prospect analogues include the Kipper, Manta and Judith gas fields.

Wobbegong is the key VIC/P80 prospect (Figure 2). It is located approximately 5 kilometres north of Manta and 8 kilometres southeast of Kipper. The target reservoir at Wobbegong is the Golden Beach Sub-Group, a proven reservoir at Kipper and Manta. Water depth is approximately 80 metres and the prognosed top Golden Beach Formation depth is approximately 2,400 metres subsea.

Cooper Energy's estimate of unrisked prospective resource potential is 79 Bcf (P90), 192 Bcf (P50), 236 Bcf (Mean) and 264 Bcf (P10). The estimated chance of technical success (Pg) is 34%.

Cooper Energy Managing Director David Maxwell said the new permit is an exciting addition to the company's Gippsland Basin position. "The Gippsland Basin is the major gas-producing region in southeast Australia and is a competitive supply source for new developments. VIC/P80 adds to our growing Manta Gas Hub potential and continues our efforts to identify and bring new gas supply to eastern Australia.”

Notes on Prospective Resource Calculation
Cooper Energy Limited has used a probabilistic resource estimation methodology to undertake prospective resource assessments. This methodology incorporates a range of uncertainty relating to each of the key reservoir input parameters to predict the likely range of outcomes. This approach is consistent with the definitions and guidelines in the Society of Petroleum Engineers (SPE) 2007 Petroleum Resources Management System (PRMS).

Analytical procedures used to assess Prospective Resources were:
• interpretation of reprocessed 3D seismic data;
• detailed seismic time to depth conversion; and
• wireline log correlation and petrophysical analysis from the wells drilled in VIC/RL13, VIC/RL14, VIC/RL15, and adjacent permits.

The date of this prospective resource assessment is 12 April 2022.

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