Cooper Energy Limited has updated the prospective resource assessment of its Otway Basin exploration portfolio. Interpretation of newly reprocessed 3D seismic exploration data has validated the company’s existing low risk prospectivity and high graded some new opportunities. Following the updated interpretation, the aggregated mean unrisked prospective resource potential is 585 Bcf.
Cooper Energy Managing Director, Mr David Maxwell, said the upgrade of prospective resources and prospect quality, together with the recently commissioned Athena Gas Plant, provides a secure pathway to develop future gas discoveries into the tight east coast gas market.
“The elements are now in place to grow and sustain the significant value of this asset and offer competitively priced gas to our customers under long term arrangements.”
In 2021 Cooper Energy completed a project to merge and reprocess seven 3D seismic surveys in the offshore Otway Basin. The quality of the new 3D seismic data is superior to Cooper Energy’s previous dataset and has improved the identification and definition of seismic amplitudes.
In the Otway Basin, as proven in the producing fields, seismic amplitude at the top of the primary target Waarre Formation is a direct indicator of the presence of gas. In Cooper Energy’s offshore Otway permits there is a 100 per cent success rate in finding gas from drilling top Waarre Formation seismic amplitude supported prospects.
Prospective resources have been estimated for six seismic amplitude supported prospects. All prospects lie within 60-80 metres water depth and show strong seismic amplitude at the top Waarre Formation level. They are located no further than eight kilometres from tie-in points on the Casino Henry Netherby (CHN) gas pipeline which transports gas to the Athena Gas Plant. In a success case, they would be tied into the CHN pipeline via a subsea production system.
A decision on the timing of exploration drilling will be made having regard to drilling rig availability and funding optimisation.
Cooper Energy has 100% equity in VIC/P76. Participating interests in VIC/L24, VIC/L30, VIC/L33, VIC/L34, VIC/P44 and the Athena Gas Plant are Cooper Energy (50% and Operator), Mitsui E&P Australia Pty Ltd (25%) and Peedamullah Petroleum Pty Ltd (25%).
