Cooper Energy higher on oil appraisal

Shares in Cooper Energy closed higher today after the company estimated that its Hammamet West oil field in Tunisia contained more than 200 million barrels of oil while development costs have been pegged at up to $US430 million.

The company also revealed a contingent resource of 49 million barrels of oil, following the completion of a conceptual field development plan for the oil field.

Cooper has held the exploration permit since 2005.

Cooper said plans are underway to acquire a 175 square kilometres of 3D seismic data to enhance the structural and reservoir definition. The data is expected to cost $US1.8 million.

The company has also contracted Worley Parsons to screen development options for the field.

"At this time it is expected that the field would be developed using a small not normally manned platform, which would export oil and gas to an onshore plant via a multi-phase pipeline," Cooper said in a statement.

"The onshore plant would export gas to the local market and oil via an offshore loading buoy. Development costs would be in the order of US$250-US$430 million (100% Joint Venture), depending on the size of the development."

Shares in Cooper closed up 3.5 cents to 53c today.