Cooper Energy: Sukananti KSO operations update

(12 February 2015) -- Cooper Energy Limited advises that the Bunian-3 oil development well was drilling ahead at 1,015 metres in 12 ?? hole at 06:00 local time today.

The 17 ?? hole section was successfully drilled to 408 metres as planned, however once the 13 3/8? casing had been cemented in place, additional time was required to deal with shallow gas and address related operational issues. These matters have been addressed and normal operations are now continuing. The latest estimate is that the well will reach its target depth of 1,682 metres during the final week of February.

Despite the increased operational time, the overall well cost is not expected to be materially different to the pre-drill approved budget figure.

Bunian-3 is an onshore vertical well in the Sukananti KSO, South Sumatra. The Bunian structure is a four-way, fault bounded anticline defined by the 2011 Sukananti 3D seismic survey. Bunian-3 is located 730 metres southwest of Bunian-1 and the primary target is the Talang Akar Formation TRM-3 Sand. The TRM-3 sand at Bunian-1 is currently producing approximately 200 barrels of oil per day and has cumulatively produced 960,000 barrels of oil. Secondary targets in deeper K and M sands will also be evaluated at Bunian-3.

Joint Venture participants in the KSO Tangai-Sukananti Block are Cooper Energy Ltd (Operator 55%) and Mega Adhyaksa Pratama Sukananti Ltd (45%). (ends)