Cooper Energy Ltd has opened a data room for parties interested in farming into its Gippsland Basin Gas Hub assets: VIC/L32, RL13, RL14, RL15 and VIC/L21. The assets that are available to interested parties include the Sole gas project and tie-in option from the Manta gas field. Cooper is hoping to acquire a partner in the assets, by farming out interest. In doing so Cooper reports that it should allow commercial alignment and create an optimum funding process across the Sole and Manta assets which will provide feedstock to the Orbost Gas Plant.  The Sole gas field is contained within production licence VIC/L32, which is available as part of the farm-out. Cooper Energy currently holds 100% interest after completing a deal with Santos in April 2017. Santos received a total cash consideration from Cooper of AUD 81 million for the assets held in Victoria within the Gippsland and Otway basins. Cooper paid AUD 61 million upon completion of the deal and a further AUD 20 million upon the Final Investment Decision (FID) of the Sole Gas Project.   Cooper Energy announced on 29 August 2017 that FID for the Sole gas project had been reached after a finance package was completed to fund the project. The package is worth around AUD 400 million which is large enough to support FID for the Sole gas project and also to finance other offshore and onshore Otway and Cooper Basin operations and required Gippsland Basin facility maintenance. The financing for the project, which was reported as commencing on 29 March 2017, initially saw Cooper aim to raise AUD 151 million to put towards the development of Sole. The full upstream development programme, which Cooper is wholly funding as the individual owner and operator, is expected to cost around AUD 355 million.    The Sole field, discovered in February 1973, once developed and onstream, is expected to provide 25 PJ/yr (~23.5 Bcf/yr) to the southeast Australian market, via the Orbost Gas Plant that will process the gas.Â  All offshore works are expected to be completed by 31 May 2019 and first production in Q3 2019. Cooper Energy has reported a number of signings of gas sales agreements for gas from the Sole project. The Orbost Gas Plant was purchased by APA for AUD 20 million, with Sole reaching FID being one of the conditions of acquisition. There is also the option to process gas from Cooper Energyâs Manta gas field, as well as other fields in the region (pending a successful appraisal programme). APA has reported that the total cost for the acquisition and then subsequent upgrades and operations, is expected to be in the region of AUD 270 million.    The Manta field, along with Basker and Gummy, is centred in VIC/RL13, and crosses adjacent VIC/RL14 and VIC/RL15. Gas from Manta could also provide feedstock to the Orbost Gas Plant pending a successful appraisal programme of the gas resources which is due to commence in 2019 with Manta 3 well (subject to approvals). If FID is subsequently reached, first production could be achieved by 2021/22. The fields produced around 8.6 MMbbl of oil between December 2006 and August 2010 and associated infrastructure is now being removed. Reinjected associated gas was will now be considered for a gas production phase upon Sole reaching FID.    VIC/L21 contains the Patricia Baleen field and Sperm Whale discovery. Patricia Baleen was discovered in 1981 and produced around 18.8 Bcf gas between 2003 and 2005. The shallow reservoirs are now depleted and the wells were shut-in during 2008. Despite holding a depleted field, Cooper believes that the permit offers a significant access point for the Orbost Gas Plant for other, surrounding fields.  A data room as been opened and Cooper has been in discussions with several interested parties.  Parties interested in this opportunity should contact:  David Maxwell, Cooper Managing DirectorÂ Â Â  Tel: +61 8 8100 4900    Eddy Glaves, Commercial & Business Development ManagerÂ Â Â Â Â Â Â Â  Tel: +61 8 8100 4900    Don Murchland, Investor RelationsÂ Â Â  Tel: +61 439 300 932
Cooper Energy Ltd has opened a data room for parties interested in farming into its Gippsland Basin Gas Hub assets: VIC/L32, RL13, RL14, RL15 and VIC/L21. The assets that are available to interested parties include the Sole gas project and tie-in option from the Manta gas field. 