COE 0.89% 56.5¢ cooper energy limited

news all seems good

  1. 351 Posts.
    ...but still not a lot of interest.

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



    --------------------------------------------------------------------------------

    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

 
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