Cooper Energy Limited (ASX: COE) provides the following update in relation to its gas and oil Reserves and Contingent Resources at 30 June 2022.

Key factors contributing to the reduction in Reserves since 30 June 2021 include: production of 3.3 MMboe in FY22; a decision to defer further development of the Henry gas field to a future campaign, resulting in a revised classification from Undeveloped Reserves to Contingent Resource. There was also a reduction at Henry due to a revised subsurface interpretation and the divestiture of Cooper Basin permit PPL 207 to Bass Oil Ltd

Contingent Resources

Cooper Energy's 2C gas and oil Contingent Resources at 30 June 2022 are assessed to be 36.9 MMboe. The increase is primarily due to the addition of reclassified Henry undeveloped Reserves to Contingent Resource and upwards revisions at the Annie gas field.

Cooper Energy prepares its petroleum Reserves and Contingent Resources in accordance with the definitions and guidelines in the Society of Petroleum Engineers (SPE) 2018 Petroleum Resources Management System (PRMS). The estimates of petroleum Reserves and Contingent Resources contained in this Reserves statement are as at 30 June 2022. The Company is not aware of any new information or data that materially affects the estimates of reserves and contingent resources, and the material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed. Unless otherwise stated, all references to Reserves and Contingent Resources quantities in this document are Cooper Energy's net share. Cooper Energy has completed its own estimation of Reserves and Contingent Resources for its operated Otway and Gippsland Basin assets. Elsewhere, Reserves and Contingent Resources estimation is based on assessment and independent views of information provided by the permit operators (Beach Energy Limited for PEL 92)

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 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 resources such as Manta and Annie

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