Cooper Energy (ASX:COE) granted Gippsland Basin exploration permit

• Cooper Energy (COE) receives full equity in an exploration permit in the offshore Gippsland Basin in Victoria
• The permit is granted for a six-year term, with the primary three-year term a guaranteed work program
• Permit VIC/P80 is adjacent to several gas and oil fields with previous exploration in the permit area discovering the Leatherjack oil field
• The estimated chance of technical success is 34 per cent
• COE shares are up 5.56 per cent, trading at 28.5 cents

Cooper Energy (COE) has been granted full equity in exploration permit VIC/P80 located in the Gippsland Basin, off the Victorian coast.

The permit is granted for a six-year term, with the primary three-year term a guaranteed work program consisting of licensing 3D seismic data and geological and geophysical studies.

Managing Director David Maxwell said the new permit is an exciting addition to the
company’s Gippsland Basin position, which is a “major gas-producing region in south-east 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,” he said.

The permit 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, with previous exploration discovering the Leatherjack oil field.

Cooper Energy has identified prospectivity in the Golden Beach and Emperor sub-groups with nearby prospect analogues include the Kipper, Manta and Judith gas fields.

The company also identified Wobbegong as the key VIC/P80 prospect, located approximately 5km north of Manta and 8km south-east 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 per cent.

COE shares were up 5.56 per cent, trading at 28.5 cents as of 3:21 pm AEST.