COE 1.82% 27.0¢ cooper energy limited

re: Excellent announcement

  1. 351 Posts.
    Sellicks Sets Record Oil Flow Rate

    Announced by: COOPER ENERGY NL (COE)
    Announced on: 22/11/2002 12:58:39
    Part: A
    Words: 463
    Status: Market sensitive (Y)



    HOMEX - Perth


    Cooper Energy will shortly make the transition from junior explorer
    to emerging oil producer, with plans to bring its maiden oil
    discovery, Sellicks-1, into full production by January 2003.

    Cooper Energy chairman Greg Hanc-ock said the board was extremely
    pleased that the company was set to achieve the rare feat of becoming
    an oil producer within 12 months of listing, especially on the back
    of an oil discovery in the first well in which it had participated.

    "Our technical advisers are telling us that Sellicks has set a new
    record for the highest flow rate from the Patchawarra Formation of
    about 2,000 barrels of oil per day," he said.

    "Sellicks is ready to be commissioned for extended production testing
    and it is anticipated that initial production should be approximately
    500 barrels of oil per day, rising to 1,000 barrels per day, or
    greater, by January 2003."

    Mr Hanc-ock continued by saying a sustainable production rate would be
    more evident following interpretation of pressures recorded during
    initial production testing, which was carried out on 16 November, and
    subsequent production performance over the next two to three months.

    "We estimate that Sellicks should generate between $1 to $1.5 million
    in the first year in free cash flow after royalties for Cooper
    Energy. This is a significant benefit to the company in that it will
    underwrite corporate overheads and field running costs and allow us
    to spend our money on discovering other prizes in the Cooper Basin."

    "The well has been relatively cheap to develop with our 25% share of
    the total cost to bring it into full production being less than
    $250,000. With initial estimates of up to 3.6 million barrels of oil
    in place (1.5 million recoverable) it is capable of producing for
    many years,' he said.

    Mr Hanc-ock said the real significance of the Sellicks discovery is
    that it has demonstrated for the first time that considerable volumes
    of oil have migrated out of the deeper parts of the basin in the east
    and been trapped in favourable sites up dip along the a western flanks
    of the basin.

    "Up until July it was only an exploration model, but Sellicks has
    just opened up a 30 km long exploration fairway within our permit
    (PEL 92) that should remain a hot bed of exploration for years to
    come," he said.

    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 70 km west of the Moomba Processing Plant.

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