Cooper Energy Limited ('Cooper Energy', ASX: COE) is pleased to announce that it has updated the prospective resource assessment of its Otway Basin exploration portfolio.

Interpretation of newly reprocessed 3D seismic exploration data has validated the Company's existing low risk prospectivity and high graded some new opportunities.

Following the updated interpretation, the aggregated mean unrisked prospective resource potential is 585 Bcf (325 Bcf Cooper Energy net). 'Cooper Energy continues to build its Offshore Otway Basin position. The upgrade of prospective resources and prospect quality, together with the recently commissioned Athena Gas Plant, provides a secure pathway to develop future gas discoveries into the tight east coast gas market. The elements are now in place to grow and sustain the significant value of this asset and offer competitively priced gas to our customers under long term arrangements,' Cooper Energy Managing Director, Mr David Maxwell, said. Cooper Energy has 100% equity in VIC/P76.

Participating interests in VIC/L24, VIC/L30, VIC/L33, VIC/L34, VIC/P44 and the Athena Gas Plant are Cooper Energy (50% and Operator), Mitsui E&P Australia Pty Ltd (25%) and Peedamullah Petroleum Pty Ltd (25%)

Background

In 2021 Cooper Energy completed a project to merge and reprocess seven 3D seismic surveys in the offshore Otway Basin. The quality of the new 3D seismic data is superior to Cooper Energy's previous dataset and has improved the identification and definition of seismic amplitudes. In the Otway Basin, as proven in the producing fields, seismic amplitude at the top of the primary target Waarre Formation is a direct indicator of the presence of gas. In Cooper Energy's offshore Otway permits there is a 100% success rate in finding gas from drilling top Waarre Formation seismic amplitude supported prospects. All prospects lie within 60-80 metres water depth and show strong seismic amplitude at the top Waarre Formation level. They are located no further than 8 kilometres from tie-in points on the Casino Henry Netherby (CHN) gas pipeline which transports gas to the Athena Gas Plant. In a success case, they would be tied into the CHN pipeline via a subsea production system. A decision on the timing of exploration drilling will be made having regard to drilling rig availability and funding optimisation.

Background In 2021 Cooper Energy completed a project to merge and reprocess seven 3D seismic surveys in the offshore Otway Basin. The quality of the new 3D seismic data is superior to Cooper Energy's previous dataset and has improved the identification and definition of seismic amplitudes. In the Otway Basin, as proven in the producing fields, seismic amplitude at the top of the primary target Waarre Formation is a direct indicator of the presence of gas. In Cooper Energy's offshore Otway permits there is a 100% success rate in finding gas from drilling top Waarre Formation seismic amplitude supported prospects. All prospects lie within 60-80 metres water depth and show strong seismic amplitude at the top Waarre Formation level. They are located no further than 8 kilometres from tie-in points on the Casino Henry Netherby (CHN) gas pipeline which transports gas to the Athena Gas Plant. In a success case, they would be tied into the CHN pipeline via a subsea production system. A decision on the timing of exploration drilling will be made having regard to drilling rig availability and funding optimisation.

Cautionary Statement

The resource volumes in this announcement refer to prospective resources, which are estimated quantities of petroleum that may be potentially recovered by the application of future development project(s) relate to undiscovered accumulations. These estimates have both an associated risk of discovery and a risk of development.

Contact:

David Maxwell

Tel: +61 8 8100 4900

Cooper Energy Limited (ASX: COE) is an exploration and production company which generates revenue from gas supply to south-east Australia and low-cost Cooper Basin oil production. The company is an emerging player in the south-east Australian energy sector holding a portfolio of gas supply contracts and one of the most extensive portfolios of gas-focused acreage and assets, including well located Reserves and Contingent Resources in the Otway and Gippsland basins. These include the Sole gas field in the Gippsland Basin which recently became the first new offshore gas development in south-east Australia to commence production in several years, the Casino Henry operations in the offshore Otway Basin and Undeveloped Contingent Resources such as Manta and Annie

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