Offshore Otway Gas Hub Growth Plan

Source: www.gulfoilandgas.com 5/18/2022, Location: Not categorized

• Annie to underpin the next phase of Otway hub growth
• Potential to deliver ~580 Bcf of new cost competitive gas

Cooper Energy Limited announces the updated growth plan for its offshore Otway gas hub.

Completion of the upgrade to the Athena Gas Plant and the cutover from the Iona Gas Plant to the Athena Gas Plant in December 2021 has secured Otway gas processing infrastructure with available capacity and direct access to south-east Australia gas customers.

Cooper Energy plans to develop and deliver new supply through the Athena Gas Plant in a series of development steps. This commences with the Otway Phase-3 Development (OP3D) project, expected to enter detailed Front End Engineering Design (FEED) in Q1 FY23. Final Investment Decision (FID) is targeted in Q3 FY23 with first gas before winter 2025 and is subject to joint venture approval.

Cooper Energy has undertaken an assessment of the potential of the Annie and Henry gas fields and nearby exploration prospects.

OP3D will be based around the development of the Annie gas field, together with low-risk short cycle time exploration drilling. This will optimise capital management and maximise economic return. The further development of Henry will be considered for inclusion in a future phase.

The Annie field alone is expected to more than double current production rates through the Athena Gas Plant and provide approximately five years of foundation life extension to the existing production assets1.

The Annie development is expected to include flexibility to allow tieback of successful low risk, high deliverability prospects. Cooper Energy’s assessment of the Annie 2C Contingent Resource estimate has been upgraded to 63.5 PJ2 (100% basis).

The Annie 2C Contingent Resource will be booked as 2P Reserves when a FID is made. The impact on the Company’s Reserves and Contingent Resources from the delay in the further development of Henry beyond OP3D will be determined as part of the annual review currently underway.

Low-risk exploration prospects located close to existing infrastructure provide potential relatively fast, simple, low-cost tie-in opportunities (Figure 1). In a success case, the exploration prospects have greater resource potential and are anticipated to be more capital efficient than a Henry development.

The identified low risk, seismic amplitude supported exploration prospects have the potential to add approximately 585 Bcf 3 (~325 Bcf COE net) of gas to supply south-east Australia customers over the next decade. An indicative profile outlining the step change in production phases is illustrated in Figure 2.

Exploration well planning for the Elanora prospect is progressing in parallel with the OP3D (Annie) development planning. An FID for exploration well drilling may be targeted to coincide with the OP3D (Annie) FID and is subject to joint venture approval.

Cooper Energy’s plans support the addition of valuable local jobs, contracts and community investments.

Ownership interests of the Athena Gas Plant and CHN fields are Cooper Energy (50% and Operator), Mitsui E&P Australia Pty Ltd (25%) and Peedamullah Petroleum Pty Ltd (25%). Cooper Energy is 100% owner and Operator of VIC/P76 which contains the Nestor prospect.





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