15 May 2013
Level 10, 60 Waymouth Street
Adelaide SA 5000
GPO Box 1819
Adelaide SA 5001
Tel: +61 8 8100 4900
Fax: +61 8 8100 4997
customerservice@cooperenergy.com.au www.cooperenergy.com.au
Hammamet West-3 Well - Weekly Operations Update Report No. 7Cooper Energy Limited (ASX:"COE") ("Cooper Energy") as Operator (and 30% joint venture interest) of the Bargou Permit, offshore Tunisia provides the following operational update on the Hammamet West-3 well.
Well Details: Hammamet West-3 is located 15 km offshore and 1.6 km east of Hammamet West-2 in 54 metres water depth (see attached map). The nearest producing field is Maamoura, 12 km SW.The well objective is to drill and test a highly deviated wellbore through the naturally fractured Abiod Formation reservoir to confirm oil productivity.
Activity at 06:00 hours, The well is currently on standby awaiting repairs to the top drive 14th May, Tunisia time: system before resuming drilling the 12¼ inch hole section. Progress Since Last The 12¼ inch hole section was drilled from 1,551 mRT to 2,182 mRT Report: before the drilling was suspended. Planned Activities: Complete repairs to the top drive system and resume drilling and building hole angle in the 12¼ inch hole section to the Top Abiod Formation at approximately 3,000 mRT.
* mRT - metres below the rotary table
Cooper Energy's contribution to the well will be fully funded up to a gross amount of US$26.6
million by Dragon Oil (paying 75% to earn 55%) and Jacka Resources (paying 30% to earn 15%).
Cooper Energy will provide weekly updates through the drilling campaign on each Wednesday.
Hector Gordon
Executive Director - Exploration and Production
+61 8 8100 4900
-2-
Since listing on the ASX in 2002, Cooper has built a portfolio of near term low risk development and appraisal projects as well as high impact exploration prospects. Cooper currently benefits from approximately
500,000 barrels of oil production per year from the Cooper Basin, South Australia, with approximately 150 barrels of oil per day gross production from its Sukananti KSO in Indonesia. Cooper also has prospective exploration licenses in Australia (Cooper, Otway and Gippsland Basins), Tunisia and Indonesia. Cooper enjoys a solid balance sheet, good production earnings, and has a clear strategy to enhance shareholder return.
www.cooperenergy.com.au
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