Cooper Energy Buys Into Gippsland Basin Gas Permits

Cooper Energy has entered into non-binding agreements with Bass Strait Oil to acquire stake in Gippsland Basin permits Vic/P41 and Vic/P68 offshore Victoria, Australia.

As per the agreement, Cooper Energy will acquire 25.8% in Vic/P41 and 50.0% in Vic/P68 by funding the reprocessing and merging of multiple 3D seismic datasets and QI/AVO1 analyses. The reprocessing and analysis is anticipated to cost approximately $1 million.

The company believes this agreement with Bass Strait Oil will give Cooper Energy an opportunity to acquire a deep understanding of the sizeable gas prospects that lie within Vic/P41 and Vic/P68 at a low cost for a material interest position.

Cooper Energy Managing Director David Maxwell said “the Gippsland Basin permits are close to existing infrastructure and well located for available gas supply opportunities”.