| Callawonga-10 Success 01 May 2015 | |
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Cooper Energy Limited (ASX: COE) reports that Callawonga-10, an oil development well in PPL 220 (refer map following) on the western flank of the Cooper Basin, South Australia, is to be cased and subsequently completed after reaching a total depth of 1,482 metres in the Westbourne Formation. Callawonga-10 was the first of a three-well drilling campaign targeting the Namur Sandstone.
Oil shows were observed in the primary targets, McKinlay Member and Namur Sandstone. A total gross oil column of 4.8 metres is interpreted in Callawonga-10. The well will be cased and suspended to accelerate oil production from the southern area of the field. Pre-drill modelling indicated Callawonga-10 has potential to produce up to 200 kbbl of oil (joint venture 100%), of which approximately 85 kbbl (joint venture 100%) could be incremental 2P reserves. Further work is required post-Callawonga-10 to confirm these estimates.
Following Callawonga-10, the EDA Rig 930 will drill the Callawonga-11 oil appraisal well approximately 670 metres southeast of Callawonga-9 (refer map following). Callawonga-11 has a planned total depth of 1,730 metres and is anticipated to be completed within 8 days of spudding.
Interpretation of the recent NMC3D seismic survey identified the possibility of a potentially large structural extension to the southern flank of the Callawonga field. Callawonga-11 is a step-out well being drilled 670 metres from the Callawonga-9 production well to appraise this upside potential. If the upside structural model is proved, there is potential for a significant increase of the estimated Namur Sandstone oil reserves.
The Birkhead Formation and Hutton Sandstone are secondary targets of Callawonga-11. Windmill-1 (2.9 km southeast) recovered 25 barrels of oil on drill stem test of the Birkhead Formation, and oil shows were observed in Shelly-1 (1.9 km southwest).
Following Callawonga-11, the EDA Rig 930 will move 3 km north to drill the Sensation-1 oil exploration well in PRL 98 (refer map following) to conclude the drilling campaign.
Cooper Energy Limited holds a 25% interest in PPL 220 and PRL 98, with the balance held by the
Operator, Beach Energy Limited.
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David Maxwell
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Don Murchland
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Managing Director
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Investor Relations Advisor
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+61 8 8100 4900
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+61 439 300 932
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Cooper Energy
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CODE : COE.AX |
ISIN : AU000000COE2 |
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Cooper Energy is based in Australia. Cooper Energy holds various exploration projects in Tunisia. Its main exploration property is NABEUL in Tunisia. Cooper Energy is listed in Australia and in Germany. Its market capitalisation is AU$ 245.1 millions as of today (US$ 156.9 millions, € 147.4 millions). Its stock quote reached its highest recent level on April 13, 2012 at AU$ 0.69, and its lowest recent point on September 01, 2023 at AU$ 0.11. Cooper Energy has 1 140 189 952 shares outstanding. |