Cooper achieves record oil production from Tangai-Sukananti KSO

By Romel S. Gurky

ASX-listed Cooper Energy Ltd said that its share of oil production from the Tangai-Sukananti KSO, South Sumatra, during the September quarter was 38.2 kbbl (415 bopd).

?This represents a new quarterly record for Cooper Energy?s tenure and is 24 percent higher than the previous record achieved in the June quarter 2015,? Cooper said in a third quarter report seen Wednesday. The September 2015 quarter result is a 177 percent jump from 13.8 kbbl in the third quarter period of last year.

Cooper said that Bunian-4, an appraisal/development well in the Tangai-Sukananti KSO, was completed during the quarter. The results of the well were excellent, with the main target horizons at the TRM3 Sandstone and the K1 Sandstone encountered high to prognosis and a new oil bearing reservoir (the GRM Sandstone) was discovered.

The company said the results of Bunian-4 will likely have a positive impact on the Bunian reserves estimates which is being evaluated.

Bunian-4 has been completed as an oil producer in the TRM3 and GRM sandstones and production is expected to commence early in the December Quarter.

Cooper holds 55 percent interest in Tangai-Sukananti KSO.

Meanwhile, seismic survey planning is progressing in the Sumbagsel PSC, South Sumatra (Cooper Energy 100%). Scouting of the proposed location of seismic to be acquired in 2016 was completed during the quarter, Cooper said.

Elsewhere, the company said geologic studies in the Merangin III PSC, South Sumatra (Cooper Energy 100%) are ongoing and will high-grade areas of the permit for future seismic acquisition.

Editing by Reiner Simanjuntak