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COE 43.0¢

Latest Drilling Results

  1. The Report is reproduced below, but note that: "...Following DST 2, the well will be CASED AND COMPLETED FOR OIL PRODUCTION from the Patchwarra Formation..."

    We've yet to see the final flow rate, of course, but on Friday's figure of 1915 barrels of oil per day plus 0.25 mmcfd of gas, here are some back-of-the-envelope figures:

    Annual production of 1915 x 365 = 698,975 barrels.

    Worth currently about US$25/barrel = US$17.47m

    Of which COE's share is 25% = US$4.37m. (PLUS it's slice of 0.25 mmcfd of gas!)

    I don't know what the final cost of production is likely to be, but I would make this point: Cooper Energy's market capitalisation at present is just $8.5m!


    HOMEX - Perth

    Cooper Energy advises that the status of Sellicks-1 at 0600 hours (CST) on 29 July 2002:

    Location: PEL 92; about 75 km west of Moomba.

    Spud Date: 2200 hours on 16 July 2002

    Days since spud: 13

    Final Depth: 2242 metres

    Operation: The well was drilled ahead from 2082 metres reaching its final depth of 2242 metres on 27 July. Logging operations have now been completed and, following conditioning of the hole, it is intended to conduct Drill Stem Test no 2 over the approximate interval 2077 - 2082 metres which had hydrocarbon shows during drilling as previously reported.

    Following DST 2, the well will be cased and completed for oil production from the Patchwarra Formation.

    Participants: Beach Petroleum NL (Operator) 75%
    Cooper Energy NL 25%

    For further advice on this release, please contact either R Kirtlan (0409 842 354) or T Wright ((08) 8363 2111 or 0408 180 939).

    R Kirtlan

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