Cooper Energy discovers new gas field off the Victorian coast

Source: The Sydney Morning Herald

11 September 2019

Cooper Energy has discovered a new gas field in the Otway Basin off the coast of Victoria, the first found in the basin in more than 10 years.

Annie-1, the first of two gas exploration wells, made the discovery on Wednesday and Cooper’s managing director David Maxwell said the find had the potential to supply customers within just over two years.

“It is very pleasing as exploration is a risky game and you can’t guarantee success,” Mr Maxwell said.

The drilling project is the first offshore gas exploration Cooper Energy has conducted in Australia and the first of an $80 million joint venture drilling campaign with Mitsui E & P Australia.

“It is very encouraging for future exploration in the offshore Otway Basin and for our strategy to build gas production around the hub of the existing Minerva Gas Plan,” Mr Maxwell said.

In the coming months, the company will make further assessments to estimate the size of the field, with production expected to be up and running by the second half of 2021.

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