Page 18 - AsianOil Week 36

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NEWS IN BRIEF
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measured depth rotary table (MDRT) at 9:00 am AEST on 4 September 2019.
Cooper Energy has a 50% interest, while Mitsui E & P Australia owns the remainder.
Within the Annie-1 borehole, the Waarre C and Waarre A Formation sandstones productive in the Otway Basin were penetrated. The Waarre C primary target was encountered at 2,241 metres MDRT, comprising a gross gas column of 70 metres with gas-on-rock at its base. The net pay thickness is 62 metres.
The deeper Waarre A sandstone was encountered at 2,341 metres MDRT and was water wet. The analysis was carried out using Logging While Drilling (LWD) data.
Wireline logging operations to collect pressure and sample data required to inform resource volume estimates and to determine gas composition have been completed. Data collected in Annie-1 is consistent with adjacent analogue producing fields. Laboratory analysis to confirm gas composition is to be conducted.
Cooper Energy Managing Director David Maxwell described the Annie gas discovery as a solid and promising result from the first well in the program.
“Annie-1 is the first offshore gas exploration well Cooper Energy has drilled in Australia and the first of an $80 million drill campaign by the Joint Venture this year to find new gas supply for south-east Australia. Preliminary analysis of the geological data from Annie-1 is consistent with the mid-range of our pre-drill estimates. In the coming months, we will complete the subsurface assessments and analysis of data to refine our estimates of field size and to inform decisions regarding field development” said Maxwell.
The Annie gas discovery is the first by an offshore well in the Otway Basin in 11 years, with the most recent being the nearby Netherby gas field in 2008.
Annie-1 is located approximately 9 km offshore Victoria in a water depth of 58 metres. The field is located between the producing Henry (15 km west) and depleted Minerva (11 km east) gas fields (refer Figure 1).
COOPER ENERGY, September 6, 2019
Cooper wins Gippsland
Basin offshore exploration
permit
Cooper Energy announces it has been awarded the offshore exploration permit VIC/P75 located in the Gippsland Basin, offshore Victoria.
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.
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.
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.
COOPER ENERGY, September 4, 2019
Equus gas project on track for first gas in 2024
The Equus Gas Project is on track for first gas in 2024 following the completion of the Upstream to LNG Development Plan and commencement of project financing and partnering activities.
Western Gas Executive Director Andrew Leibovitch said that the engineering and design process undertaken by the company’s development partners McDermott and Baker
Hughes, a GE company, had delivered a globally competitive, midscale LNG development plan for the Equus fields.
The Upstream to LNG Development Plan comprises three production wells tied back to a floating production storage and offtake (FPSO) facility, a 160 km dry gas export pipeline to a nearshore 2 Mtpa floating LNG (FLNG) facility and an onshore pipeline connection.
Leibovitch said that the Upstream to LNG Development Plan and Western Gas’ design- to-install contracting model brought together the best upstream technology and installation techniques with a low capex, modular FLNG facility to deliver a bankable and globally competitive LNG supply.
Engineering and design will now focus on development of proposals for the subsea, FPSO, pipeline and FLNG work packages.
Western Gas has appointed Goldman Sachs as the company’s financial adviser in connection with its partnering process.
“Equus is at the right stage of development where the introduction of an experienced and financially capable partner can help progress
the project to first gas and realise the value of
the greater Equus area,” Leibovitch said. “The partnering process together with the preparation of the project work packages will deliver Western Gas with the financial, project delivery and operational expertise to drive Equus into production in 2024.”
Leibovitch added that 100% project ownership differentiated Equus from regional LNG projects.
“With no joint venture misalignment, Western Gas has full control of project design, delivery and partnering across the value chain,” he said.
WESTERN GAS, September 4, 2019
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Week 36 11•September•2019