| Cooper Basin drilling success 25 August 2016 | |
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25 August 2016
Cooper Basin drilling success at Callawonga-12
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Well to be cased and suspended as oil producer
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Exploration drilling scheduled for October
Cooper Energy Limited (ASX: COE) reports that Callawonga-12, 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 suspended after reaching a total depth of 1,449 metres in the Westbourne Formation. Callawonga-12 targeted the McKinlay Member and Namur Sandstone. At 06:00 hours this morning, logging operations were being completed.
Callawonga-12 was drilled 230 metres southeast from the Callawonga-3 production well to accelerate production from the northern part of the field. A gross oil column of 4.0 metres (approximately 2 metres net oil) is interpreted in the primary target McKinlay Member and Namur Sandstone.
Commenting on the well Mr Maxwell said "this is a pleasing result which reinforces the remaining production and development potential upside in the Callawonga oil field".
Following the completion of Callawonga-12, the drilling rig will depart before returning in October to drill 1 to 2 exploration wells in PRL's 85-104.
Cooper Energy Limited holds a 25% interest in PPL 220, with the balance held by the Operator, Beach Energy Limited.
Further comment and information
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David Maxwell, Managing Director
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+61 8 8100 4900
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Don Murchland, Investor Relations
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+61 439 300 932
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Cooper Energy Limited Level 10, 60 Waymouth Street Phone: +61 8 8100 4900 [email protected] 1
ABN 93 096 170 295 Adelaide, South Australia 5000 Fax (Aust): +61 8 8100 4997 www.cooperenergy.com.au
ASX: COE GPO Box 1819, Adelaide SA 5001
Location of Callawonga-12, PPL 220, Cooper Basin
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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$ 159.3 millions, € 148.8 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. |