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- Oil and gas companies Beach Energy (BPT) and Cooper Energy (COE) have finished a four well appraisal
- The work began early last month at the companies’ joint project in the Cooper Basin in South Australia
- The Cooper Basin is known as one of the highest delivering basins in Australia
- Beach Energy’s share price is down 3.7 per cent, and trading for $2.34 each
- Cooper Energy’s share price is up 0.93 per cent, with shares trading for 54 cents each
Oil and gas companies Beach Energy (BPT) and Cooper Energy (COE) has completed a four-well appraisal program at its joint project in South Australia.
Through a joint venture, Beach and Cooper operate a project in the Callawonga oil field in the Cooper Basin. Beach has a 75 per cent stake, while Cooper holds the remaining interest.
The companies began the well appraisals early last month, where both Beach and Cooper sought to determine the extent of the field.
In today’s release, Cooper wrote; “results from the campaign are largely in line with pre-drill expectations and have helped define the field limits in the north and east.”
The Cooper Basin is known as being one of Australia’s most plentiful oil and gas basins.
Results from the well appraisals may lead to increased field size and guide future development drilling.
Following the companies release to the market today, Beach Energy’s share price has fallen 3.7 per cent to trade at $2.34 each at market close.
Cooper Energy’s share price opened 0.46 per cent higher after recording a drop until late afternoon trade. Shares in the company are now worth 54 cents apiece.
