Cooper Energy has secured an exploration permit at the VIC/P75 block, situated offshore the Gippsland Basin in the Australian state of Victoria.
With the addition, the firm further bolsters its presence in the Gippsland Basin, one of the key hydrocarbon producing regions in south-east Australia.
The offshore block is surrounded by the Marlin, Snapper and Barracouta gas fields to the north, the Kingfish oil field in the south and the Fortescue field in the east.
The permit carries a six-year term. In the first three years, seismic reprocessing and geological / geophysical studies will be carried out as part of a guaranteed work programme.
Cooper Energy managing director David Maxwell said: “The Gippsland Basin is the major gas-producing region in southeast Australia and presents as a competitive supply source for new developments.
“VIC/P75 fits well within the portfolio we have built in the region which includes the recently developed Sole gas field, the Manta gas and liquids resource we are working to mature as the next Gippsland Basin development, and our other exploration permit VIC/P72.”
The company noted that ‘depth conversion’ problems related to ‘velocity complexities above reservoir targets’ hampered earlier exploration within VIC/P75 permit.
Recent developments in 3D seismic reprocessing helped provide tangible data for mapping of subsurface structures at the site. Currently, good quality 3D seismic data covering a major part of the permit is available.
Cooper Energy holds 100% equity in VIC/P75 block. In future, the company may involve joint venture partners with the project, depending on value and risk management consideration.