Cooper Energy, Beach in Equity Swap for Two Otway Basin Permits

Cooper Energy has added two new permits in the South Australian section of the Penola Trough of the Otway Basin.

According to the company, it entered into a transaction that  involves exchanges of equity with Beach Energy that will result in Cooper Energy acquiring a 30% interest in PEL 494 and PRL 32, and reducing its equity in the adjoining PEL 495 from 65% to 30%.

The change in ownership structure has been agreed in advance of the drilling of two deep wells in the Penola Trough, which is considered to be prospective for unconventional oil and gas in the Sawpit and Casterton Formations, Cooper said.

Cooper Energy and Beach Energy are planning to drill two wells, Jolly-1 (PEL 495), and Bungaloo-1 (PRL 32) targeting unconventional gas plays, commencing December 2013.

Jolly-1 has a planned total depth of 4,070 metres and is expected to be the deepest petroleum well drilled in the Otway Basin to date. Beach Energy will operate all three permits.

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