ADELAIDE, Australia – Cooper Energy has been awarded the exploration permit VIC/P75 in the Gippsland basin offshore Victoria.
The permit is awarded with a six-year term, of which the first three years is a guaranteed work program consisting of seismic reprocessing and geological/geophysical studies. Cooper Energy has 100% equity.
VIC/P75 is in the central area of the Gippsland basin surrounded by major oil and gas fields including the Marlin, Snapper, and Barracouta gas fields to the north and the Kingfish and Fortescue oil fields in the south and east, respectively.
According to the company, previous exploration within VIC/P75 permit boundaries has been impaired by significant depth conversion issues related to velocity complexities above reservoir targets. However, recent advances in 3D seismic reprocessing has provided greater clarity for the mapping of subsurface structures.
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.”