Cooper Energy says open for E. Java farm-in possibility

Australian oil firm Cooper Energy said it was open to the possibility of transferring some of its interest in East Java?s South Madura exploration block should any such opportunity arose.

The company in a presentation filed with the Australian Stock Exchange Tuesday said it was ?open to considering reasonable farm-in offers to slightly reduce its financial exposure.? The company, however, said that inviting new partner was not essential as exploration costs were manageable within its resources.

Cooper has 45 percent interest in South Madura PSC through operator South Madura Exploration Company Pte Ltd that holds 90 percent interest in the block. The block, claimed the company, has the potential of P50 undiscovered reserves of 200 million barrels of oil at Kujung level and 256 BCF of gas at the shallower Ngrayong level.

First drilling campaign on the block is planned early next year with cost of US$ 9 million for the first well. (alex)