Cooper Energy : Callawonga-18 successful 30 May 2017

30 May 2017

Callawonga-18 successful

• Callawonga-18 cased and suspended as future producer

• Callawonga-15 next well in campaign

Cooper Energy (ASX:COE) announces that Callawonga-18, an appraisal and development well drilled by the PEL 92 Joint Venture in PPL 220, is being cased and suspended as a future oil producer.

Cooper Energy holds a 25% interest in the PEL 92 Joint Venture with the balance held by the Operator, Beach Energy Limited.

Callawonga-18 is a deviated well which was drilled to a total depth of 1,582 metres and encountered its primary target, the McKinlay Member Sandstone, 1.8 metres high to prognosis, with a 2.4 metre gross thickness and 2.1 metre of net oil pay in a clean sand.

Callawonga-18 is the second of a 5 well campaign on the Callawonga oil field targeting previously undeveloped reserves in the McKinlay Member Sandstone. As previously advised, the drilling campaign will address locations designated as Callawonga 14-18 (refer accompanying map), with the sequencing of wells determined progressively based on results. The first well in the program, Callawonga-14, was also cased and suspended as a future oil producer.

The third well in the campaign, Callawonga-15, is to be spudded from the same drillpad on completion of Callawonga-18.

2017 Callawonga Field Drilling Campaign

About Cooper Energy Limited (ASX:COE) is an ASX listed 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-focussed acreage and assets, including well located reserves, resources and processing plant, in the Otway and Gippsland basins. The most significant resources, in the Gippsland Basin, are currently being commercialised to provide a new source of gas supply for south-east Australia from 2019.