Parsons-2 approved for drilling

Cooper Energy has announced that the PEL92 Joint Venture has approved....

  Cooper Energy has announced that the PEL92 Joint Venture has approved the drilling of the Parsons-2 appraisal/development well on an interpreted southern extension of the Parsons oil field.The Parsons Oil Field lies approximately 9km west of the Christies and Callawonga oil fields in the Cooper Basin. The Parsons-2 well has been located using 3D seismic and lies approximately 1.25km to the south of Parsons-1. Parsons-2 is targeting some 400,000 barrels of previously undeveloped recoverable oil (Cooper Energy share 100,000 barrels of recoverable oil).It is expected that Parsons-2 will be drilled around the beginning of March 2008.At this time production from the Parsons oil field is expected to commence in April 2008. Parsons-1 discovered the Parsons oil field at the end of November 2007 and the well produced 3,300 barrels of oil per day on clean-up.