Cooper Wins Gippsland Licence Off Oz
ASX-listed Cooper Energy has expanded its position in Australia’s offshore Gippsland basin, securing rights to a new exploration block nestled between several large oil and gas fields.
The VIC/P75 licence, awarded to Cooper as part of Australia’s 2018 offshore licensing contest, is situated in the centre of the Gippsland basin off Victoria, the company said in a September 4 statement. The Marlin, Snapper and Barracouta gas fields lie north of the area, while the Kingfish and Fortescue oilfields are located to the south and east respectively.
High-quality 3D seismic data has been collected over most of the permit area, although previous site exploration was impeded by significant depth conversion issues related to velocity complexities above reservoir targets, Cooper explained. However, recent advances in 3D seismic reprocessing have provided greater clarity in the mapping of subsurface structures, it said, noting it had seen these improvements at work first-hand at its nearby VIC/P72 licence.
“The Gippsland Basin is the major gas-producing region in southeast Australia and presents as a competitive supply source for new developments,” Cooper’s managing director David Maxwell said. He added that VIC/P75 fitted well with Cooper’s existing portfolio in the region, which includes the producing Sole gas field, the Manta oil and gas deposit that is its next target for development and VIC/P72.
Cooper’s licence is valid for six years, with the first three years designated for seismic reprocessing and geological and geophysical studies. The company may decide to bring in partners.