Cooper starts farm-out process for offshore southeast Australia gas fields

Offshore staff

ADELAIDE, AustraliaCooper Energy (ASX:COE) has opened the Gippsland basin Gas Hub data room.

This includes the offshore Sole and Manta gas field projects and the onshore Orbost plant that would process supplies from both fields.

Cooper Managing Director David Maxwell said: “Interest in gas resources offering supply to eastern Australia is at unprecedented levels. The level of enquiry we have already received is consistent with this and the fact that the Gippsland basin gas fields are among the most competitive sources of supply for the shortfall facing southeastern Australia.”

The data room will likely close by early February. Cooper has a 50% interest in Sole in the VIC/RL3 offshore permit and the Orbost plant, and 65% in Manta in VIC/L26-L28.

Collectively, the company estimates contingent resources at 347 PJ of gas.

Sole and Manta are conventional gas fields, relatively close to market and with straightforward access to existing infrastructure.

Front-end engineering and design (FEED) is under way for Sole ahead of a final investment decision (FID) during the latter part of 2016.

Cooper has secured its first heads of agreement for sale of gas from the field and is in negotiations for additional agreements. Santos is the other partner.

Manta should enter FEED in early 2017 with the FID set to follow two years later. Production could start in mid-2021. Beach Energy is the other partner.


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