Photo by: Bloomberg
PERTH (miningweekly.com) – The share price of ASX-listed Cooper Energy remained elevated on Monday following news of the discovery of a new gasfield in the Otway basin, offshore Victoria.
Cooper Energy at the end of last week reported that drilling had identified a new gasfield within the Warre C formation reservoir, marking the first new Otway basin gasfield discovery from offshore drilling in 11 years.
Cooper Energy MD David Maxwell told shareholders that the Annie gas discovery was a solid and promising result from the first well in the programme.
“Annie-1 is the first offshore gas exploration well Cooper Energy has drilled in Australia and the first of an A$80-million drill campaign by the joint venture (JV) this year to find new gas supply for south-east Australia.”
Maxwell noted that preliminary analysis of the geological data from Annie-1 was consistent with the mid-range of the pre-drill estimates.
“In the coming months, we will complete the subsurface assessments and analysis of data to refine our estimates of field size and to inform decisions regarding field development.”
Cooper Energy holds a 50% interest in the JV, along with project partner Mitsui E&P Australia.