Australia-based Cooper Energy has been awarded the offshore exploration permit VIC/P75 located in the Gippsland Basin, offshore Victoria.
Cooper said on Wednesday that the VIC/P75 is in the central area of the Gippsland Basin surrounded by major oil and gas fields including the Marlin, Snapper and Barracouta gas fields to the north and the Kingfish and Fortescue oil fields in the south and east respectively. Good quality 3D seismic data covers most of the permit, the company added.
Previous exploration within VIC/P75 permit boundaries has been impaired by significant depth conversion issues related to velocity complexities above reservoir targets. However, recent advances in 3D seismic reprocessing has provided greater clarity for the mapping of subsurface structures.
Cooper Energy has had the opportunity to observe the significance of this improvement first-hand through its interpretation of reprocessed 3D seismic and Quantitative Interpretation volumes in the nearby VIC/P72 permit. The company expects the application of the lessons from its experience in VIC/P72 to its analysis of VIC/P75 will result in significantly improved mapping of the new permit.
Cooper Energy Managing Director David Maxwell, said: “The Gippsland Basin is the major gas-producing region in southeast Australia and presents as a competitive supply source for new developments. VIC/P75 fits well within the portfolio we have built in the region which includes the recently developed Sole gas field, the Manta gas and liquids resource we are working to mature as the next Gippsland Basin development, and our other exploration permit VIC/P72.”
The permit is awarded to Cooper Energy for a six-year term, of which the first three years is a guaranteed work program consisting of seismic reprocessing and geological/geophysical studies. Cooper Energy has 100% equity in VIC/P75 and will assess the involvement of joint venture partners according to value and risk management considerations.
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