18/06/2008 - 09:28

Production starts at Parsons oil field

18/06/2008 - 09:28

Bookmark

Save articles for future reference.

South Perth-based Cooper Energy Ltd has started production at its Parsons oil field facility in the Cooper Basin in South Australia.

Production starts at Parsons oil field

South Perth-based Cooper Energy Ltd has started production at its Parsons oil field facility in the Cooper Basin in South Australia.

Earlier this week the company brought the Parsons-1 online, producing an initial rate of 2640 barrels of oil per day.

It expects to bring the Parsons-2 well online in a couple of weeks.

The full announcement is pasted below:

We are pleased to announce that the Parsons Oil Field facility in PEL92 in the Cooper Basin, South Australia, has commenced production.
On 16th June the Parsons-1 well was brought on-line through the facilities at 2,640 barrels of oil per day (660 barrels of oil per day Cooper Energy Share) with a flowing tubing head pressure of 154 psig through a ½" choke.

Parsons-2 is expected to be brought on-line through the facilities in the next 2 weeks and will add to the production capacity of the Parsons Oil Field. Production off-take from the facility will be stabilised and optimised in the following weeks.

The Parsons Oil Field is expected to yield over 1.4 million barrels of recoverable oil (P50 confidence level, 0.4 million barrels Cooper Energy share) thereby boosting Cooper Energy's mid-year developed recoverable oil (proved) portfolio.

With oil prices continuing to be buoyant around US$135 per barrel the Parsons Oil Field low-cost and high-margin production will immediately boost Cooper Energy's unhedged production revenue base.

Cooper Energy has experienced a very successful year and the Company expects to post record levels of production, reserves and revenue at the end of the financial year.

 

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

Subscription Options