Cooper Energy has agreed to purchase a 65% interest in the Basker/Manta/Gummy (BMG) gas and liquids project in the offshore Gippsland Basin of Australia, through the acquisition of a 65% interest in each of the production licenses: Vic/L26; Vic/L 27; and Vic/L28. The acquisition, which is effective from Jan. 1, is subject to regulatory approval.
Cooper Energy will also be appointed operator for the project. As a result of the acquisition, the company will have the majority interest in a significant gas and liquids resource considered likely to be a competitive conventional source of gas supply for eastern Australia in the coming years.
The BMG project contains undeveloped liquids-rich gas and oil which Cooper Energy intends to review and quantify to include in its year-end review and estimate of reserves and resources. The project comprises the Basker oil and gas field, the Manta oil and gas field, and the Gummy gas discovery in the licenses Vic L26, Vic /L27 and Vic L28 located 40 miles (65 kilometers) offshore Victoria in water depths ranging from 492 feet (150 meters) to 1,148 feet (350 meters).