OilVoice - Cooper Energy Announces PEL110 Farm Out Agreement

Cooper Energy Announces PEL110 Farm Out Agreement

Wednesday, November 25, 2009

Cooper Energy has agreed a farm out with Monitor Energy Limited for Cooper Energy’s cost of the next well in PEL110. In exchange for paying Cooper’s 40% costs in the well, Monitor will earn a 20% interest in the permit. Cooper Energy will retain operatorship of the permit.

It is envisaged that the next well to be drilled in the permit will be the Keenia-1 well, which will target 1.2 million barrels of oil (P50 recoverable) in the Namur, Tinchoo and Poolowanna reservoirs.

It is hoped that well could be drilled in late 2010.

Mr Michael Scott, Managing Director of Cooper Energy was noted as saying “We are pleased to have Monitor Energy join us in the exploration of this attractive permit and look forward to a successful and fruitful Joint Venture.”