Manta Deep prospect can be assessed by deepening Manta-3 appraisal well
Cooper Energy Limited ("Cooper Energy", ASX: COE) announces that it has completed a review of the Manta Deep and Chimaera East prospects in VIC/RL13, VIC/RL14 and VIC/RL15 (formerly VIC/L 26, 27 and 28) in the offshore Gippsland Basin and has re-assessed its Best Estimate Net Prospective Resource in the two prospects to be 97.5 MMboe consisting of 491 PJ gas and 13.1 MMbbls oil and gas liquid (Cooper Energy net share). The estimated quantities of petroleum that may be potentially recovered by the application of future development project(s) relate to undiscovered accumulations. These estimates have both an associated risk of discovery and a risk of development. Further exploration, appraisal and evaluation is required to determine the existence of a significant quantity of potentially moveable hydrocarbons.
The assessment is based on new interpretation of reprocessed 3D seismic which has highlighted additional prospectivity in untested Intra-Latrobe and Golden Beach Subgroup reservoirs (refer Figures 1- 4 following). The prospects are located in the same structures as existing proven gas and oil fields at target levels both shallower and deeper than has been tested by the existing well bores.
The Manta Deep prospect is located below the Manta gas and oil field and can be evaluated by deepening the proposed Manta-3 appraisal well by an additional 1,000 metres. Additional prospective potential is estimated in untested Intra-Latrobe reservoirs in a structure located 3km northwest of the Manta-1 discovery well above the proven reservoir section. Manta-3 can be located such that it will appraise the extent of the proven Golden Beach gas/condensate resource and prospective potential in the Intra-Latrobe and deeper Golden Beach targets. The well could be drilled in 2018 in a proposed drilling campaign that includes the drilling of the Sole gas field development well. Development of the Sole gas field is currently being advanced through Front End Engineering and Design for a Final Investment Decision recommendation in October 2016.
The Prospective Resource assessment is in addition to the gross Contingent Resource (2C) of 106 PJ and 2.6 MMbbls gas condensate estimated for the Manta gas field (COE net share 69PJ and
1.7 MMbbls)1. The Manta field is the subject of a Business Case prepared by Cooper Energy which
identified a sound business opportunity for development of the field to supply gas to eastern Australian gas users utilising the existing Orbost Gas Plant.
The Chimaera East prospect is located 3km south east along the same structural trend and updip from the Chimaera-1 exploration well that discovered gas in the Golden Beach GB6 reservoir (refer Figures 5-6 following). Both Manta and Chimaera are located offshore Victoria, 58 kilometres from the Orbost Gas Plant shore crossing in water depths of approximately 130 metres.
1 Contingent Resources assessed for the Manta field were announced to the ASX 16 July 2015. Cooper Energy is not aware of any new information or data that materially affects the information provided in that release relating to the assessment of Contingent Resources and all material assumptions and technical parameters underpinning the assessment provided in the announcement continues to apply.
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
Prospective Resource estimates in Intra-Latrobe and Golden Beach reservoirs, Manta Field, offshore Gippsland Basin, Victoria.
|
Gross1 Prospective Resource Estimate
|
Low (P90)
|
Best (P50)
|
High (P10)
|
|
Oil2
|
MMbbl
|
1.0
|
1.5
|
2.3
|
|
Condensate3
|
MMbbl
|
6.8
|
12.9
|
25.9
|
|
Gas4
|
PJ
|
275.8
|
526.2
|
1054.2
|
|
Total5
|
MMboe6
|
55.2
|
105.0
|
209.5
|
|
Net 7 Prospective Resource Estimate
|
Low (P90)
|
Best (P50)
|
High (P10)
|
|
Oil2
|
MMbbl
|
0.7
|
1.0
|
1.5
|
|
Condensate3
|
MMbbl
|
4.4
|
8.4
|
16.8
|
|
Gas4
|
PJ
|
179.3
|
342.0
|
685.2
|
|
Total5
|
MMboe6
|
35.9
|
68.2
|
136.2
|
Prospective Resource estimates in Intra-Latrobe and Golden Beach reservoirs, Chimaera East Prospect, offshore Gippsland Basin, Victoria.
|
Gross1 Prospective Resource Estimate
|
Low (P90)
|
Best (P50)
|
High (P10)
|
|
Condensate3
|
MMbbl
|
4.5
|
5.6
|
7.1
|
|
Gas4
|
PJ
|
183.6
|
229.3
|
288.6
|
|
Total5
|
MMboe6
|
36.1
|
45.1
|
56.7
|
|
Net 7 Prospective Resource Estimate
|
Low (P90)
|
Best (P50)
|
High (P10)
|
|
Condensate3
|
MMbbl
|
2.9
|
3.7
|
4.6
|
|
Gas4
|
PJ
|
119.3
|
149.1
|
187.6
|
|
Total5
|
MMboe6
|
23.5
|
29.3
|
36.9
|
1 Gross: Prospective resources attributed to 100% joint venture interest in VIC/RL13, VIC/RL14 and VIC/RL15.
2 Oil: Crude oil from oil reservoirs.
3 Condensate: Condensate from gas reservoirs.
4 Gas: Non-associated gas at reservoir conditions.
5 Total: Totals may not reflect arithmetic addition due to rounding. The method of aggregation is by arithmetic sum by category. As a result, the Low (P90) Prospective resource may be a very conservative estimate and aggregated High (P10) Prospective resource may be a very optimistic estimate due to the effects of arithmetic summation.
6 MMboe: Million barrels of oil equivalent. Conversion factor of 1 PJ = 0.172 MMboe.
7 Net: Prospective resources attributed to Cooper Energy's 65% interest in VIC/RL13, VIC/RL14 and VIC/RL15.
Participating interests in VIC/RL13, VIC/RL14 and VIC/RL15 are:
Beach Energy Limited (35%)
As announced to the ASX on 15 April 2016 Beach Energy has announced its intention to withdraw from the permits effective 27 October 2016 and Cooper Energy will acquire 100% interest in the retention leases.
Cautionary Prospective Resource Statement
The estimated quantities of petroleum that may be potentially recovered by the application of future development project(s) relate to undiscovered accumulations. These estimates have both an associated risk of discovery and a risk of development. These reported estimates have not been adjusted for such risk. The combined chance of discovery and commercial success of the reservoir targets at the Manta prospect is estimated to average 25%. The combined chance of discovery and commercial success of the reservoir targets at the Chimaera East prospect is estimated to average 31%. Further exploration, appraisal and evaluation is required to determine the existence of a significant quantity of potentially moveable hydrocarbons.
Background
The Manta field was discovered in 1984 by the Manta-1 exploration well. Gas was also discovered in Golden Beach reservoir in the Chimaera-1 exploration well drilled in the same year.
A project to develop the adjacent Manta and Basker field, for oil production commenced in December 2006 and concluded in August 2010. At the end of the project, seven development wells had been drilled at the Basker and Manta fields and 8.6 million barrels oil and gas liquids and 26.9 Bcf gas produced.
Methodology
Cooper Energy Limited (COE) has undertaken a Prospective Resources assessment using probabilistic resource estimation for the Intra-Latrobe and Golden Beach Sub-Group in the Manta Field and Chimaera East prospects. 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: