South Perth-based Cooper Energy says it has had to reduce oil production from a new well in South Australia after reaching production capacity at nearby fields.
Oil production has started at the company's Perlubie-1 oil well in the Cooper Basin, producing around 3,000 barrels of oil a day, with the company's share of production at 750 barrels.
However due to the strong performance of the nearby Parsons and Callawonga oil fields, Cooper said production is at capacity at 6,000 barrels a day, and as a result Perlubie-1 has had to be choked back to 800 barrels a day.
Cooper's share of the reduced Perlubie-1 well production is 200 barrels.
"The production and spare capacity from Perlubie-1 will assist Cooper Energy in delivering record production volumes for the full financial year," the company said.
Shares in Cooper were down two cents at 41c at 13:00 AEST.
The announcement is below:
Cooper Energy is pleased to announce that the Perlubie-1 production well is in production and contributing to Cooper Energy's production volumes from the PEL92 area.
Perlubie-1 was brought on-line at 3,000 barrels of oil per day (750 barrels of oil per day Cooper Energy share1).
Due to strong production performance in the Parsons and Callawonga Oil Fields, the flow line is at its 6,000 barrels of oil per day capacity and as a result Perlubie-1 is now choked back to 800 barrels of oil per day (200 barrels of oil per day Cooper Energy share1) through a 11/64" choke.
Perlubie-1 discovered the Perlubie Oil Field in January 2009. The Perlubie Oil Field lies approximately 3 kilometres south of the Parsons Oil Field, approximately 6 kilometres west of the Christies Oil Field.
The production and spare capacity from Perlubie-1 will assist Cooper Energy in delivering record production volumes for the full financial year.
Looking forward, Cooper Energy expects to commence the PEL92 six well back to back drilling program in the week commencing 25 May 2009 and an announcement regarding the first well in that program will be made just prior to spud.
