news all seems good

...but still not a lot of interest.

Announced on: 09/12/2002 16:50:25
Part: A
Words: 311
Status: Market sensitive (Y)



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COOPER ENERGY NL 2002-12-09 ASX-SIGNAL-G

HOMEX - Perth

+++++++++++++++++++++++++
FIRST OIL FLOWS FROM SELLICKS AS COOPER ENERGY SIGNS SALES AGREEMENT

Emerging oil producer Cooper Energy has today commenced the first oil
flow from Sellicks-1, its maiden oil discovery in which it
participated just five months ago.

Cooper Energy has also successfully negotiated a sales agreement with
the South Australian Cooper Basin (SACB) Producers to take the
initial oil production.

Cooper Energy chairman Greg Hancock said the first sale of Sellicks
crude was a milestone that would put the company in the rare
position of being cash flow positive from its first oil discovery,
within 12 months of listing on the ASX.

"It is a great result for the team at Cooper and our shareholders,"
he said.

"This means Cooper will have achieved the exceptionally fast
transition from junior explorer to oil producer and earning between
$1.25 to $1.5 million in the first year in free Cash flow after
royalties."

"Shareholders invest in quality people and projects and our goal is
to reward their faith by making Cooper Energy Australia's latest
successful junior oil producer."

Mr Hancock said the relative ease by which the agreement was reached
by the joint venture partners and the SACB, buyers of the crude, was
a tribute to the competitive yet co-operative spirit of the Cooper
Basin participants.

Sellicks has been commissioned for extended production testing and it
is anticipated to initially produce approximately 500 barrels of oil
per day, rising to 1,000 barrels per day, or greater, over the coming
weeks.

Cooper Energy has interests in six separate blocks covering parts of
the highly prospective, hydrocarbon bearing Cooper Basin in the
northeastern corner of South Australia. Sellicks-1 is located
approximately 75 km west of the Moomba Processing Plant.



Greg Hancock, CHAIRMAN, COOPER ENERGY 61 8 9335 2155
Max Nind, WARD HOLT CORPORATE COMMUNICATIONS 61 8 9221 8722