Cooper Energy is to commence drilling at PEL92, which is located in the Cooper Basin, Australia, within the next week, with 11 wells planned for drilling.
As part of the drilling programme, the firm will first drill two appraisal / development wells on the Parsons oilfield, which are expected to speed up production of the field’s 800,000 barrels of proved reserves and increase recovery over the field’s economic life.
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According to the company, the two wells are expected to initially add 1,000 barrels of oil per day to production at PEL92, which stands at around 5,000 barrels per day.
Cooper Energy’s managing director Michael Scott said the heavy rain and flooding over the past year severely disrupted the company’s ongoing drilling plans.
“As drilling is core to supporting our organic growth aspirations, in the event of success we are looking forward to this large back-to-back programme materially increasing our reserves, production and value,” Scott added.
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By GlobalData
