Rig secured to drill offshore Tunisia

Cooper Energy Ltd. (ASX:COE) and the Bargou Joint Venture have signed a letter of intent with Grup Servicii Petroliere SA to contract the GPS Jupiter jackup rig to drill offshore Tunisia.

Offshore staff

SUBIACO, Australia –Cooper Energy Ltd. (ASX:COE) and the Bargou Joint Venture have signed a letter of intent with Grup Servicii Petroliere SA to contract the GPS Jupiter jackup rig to drill offshore Tunisia. The Hammamet West 3 well is scheduled to spud in December 2012, depending upon completion of prior rig commitments.

Hammamet West oil find is on an anticline in the Bargou Exploration Permit, Gulf of Hammamet in 50 m (164 ft) water depth. Two wells drilled to date indicate a gross oil column of at least 190 m (623 ft) in the Abiod formation.

Participants in the Bargou Joint Venture are Cooper Energy Bargou Ltd. (30% and operator), Dragon Oil plc (55%), and Jacka Tunisia Bargou Pty Ltd (15%).

7/16/2012

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