COE 1.79% 41.3¢ cooper energy limited

##woosh ##cooper energy to drill eight wells in ei

  1. 182 Posts.
    ASX Code: COE
    Article Title: Cooper Energy to Drill Eight Wells in Eight Months
    Date Written: 25/03/2004
    Time Written: 08:43:09
    Type: Digest
    Class: Australian equities
    Cooper Energy said it is planning to drill eight wells in eight months in an aggressive 2004 Cooper Basin drilling program. The program will begin in mid April and include four wildcat and four production wells. Acacia Grove-1, the first well of Cooper's 2004 drilling program, is a wildcat well in PEL 100. Cooper, the well operator, is earning a 43.33% interest by funding 100% of the approximate $1.5 million drilling cost. Enterprise Energy, subject to a capital raising, may earn 15% of the block by paying for half of the cost. Acacia Grove-1 is being drilled on a structure with a four way dip closure and an estimated 2 million barrels of oil-in-place in two potential reservoirs. A feature of this year's program will be a number of development wells on the three producing oil fields



    ASX Code: COE
    Article Title: Cooper Energy Announces Executed Contract for Acacia Grove-1 Exploration Well in PEL100
    Date Written: 25/03/2004
    Time Written: 08:47:47
    Type: Digest
    Class: Australian equities
    Cooper Energy as the Operator of PEL 100 announced that the contract for the drilling of the Acacia Grove-1 exploration well in PEL100 has been executed with OD&E drilling services. The Acacia Grove-1 exploration well is expected to spud on approximately the 15 April 2004. The actual spud date is dependent on wells earlier in the drilling sequence. Acacia Grove-1 is expected to cost approximately A$1.5 million. Cooper Energy is obligated to pay for 100% of the well cost to earn 43.33% of PEL100. To offset some of the well cost and manage the risk, Cooper Energy has entered into a farmin agreement with Enterprise Energy NL who will earn 15% of PEL100, contingent on Enterprise Energy NL successfully raising capital. Acacia Grove-1 is the first well of Cooper Energy's 2004 notional drilling program. It is currently expected that Cooper Energy will drill up to eight wells in 2004, which will potentially comprise of four exploration wells and four development wells. For the expected drilling program, please see:



 
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