(MENAFN- ProactiveInvestors)
() and its partners have spudded the Jenners-1 exploration well in the Cooper Basin South Australia.
The Jenners prospect is located 5.2 kilometres northwest of the Keleary field which has produced more than 1.6 million barrels of oil from the Poolowanna Formation with additional oil production from the Tinchoo Birkhead and Hutton Formations.
It is a four-way dip closed anticline defined by the 2013 Dundinna 3D seismic survey.
Jenners-1 is located 2.3 kilometres north of Fairbridge-1 which was drilled in December 2005-January 2006 based on 2D seismic data and had oil shows in the Birkhead and Poolowanna Formations but is now interpreted to have been drilled outside of structural closure.
Bagheera East-1 drilled recently in PEL 514 approximately 4.3 kilometres northeast of Jenners-1 also had oil shows at multiple levels.
Cooper has a 19.165% interest in PEL100. Operator () has a 55% stake while () holds 25.835%.
The company recorded a statutory profit after tax of $22 million for the 12 months to 30 June 2014 due to record oil production of 594000 barrels.
It is well funded with over $75 million in cash and financial assets.
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