Cooper Energy (MGP) Pty Ltd was awarded exploration permit VIC/P76, located in the Otway Basin, on 17 September 2019.Â  The permit has been granted for an initial six year period and will expire, or be eligible for renewal, on 16 September 2025.    Work commitments have been assigned for the duration of the permitâs validity. In the initial three years, which form the guaranteed work commitment period, Cooper Energy will undertake well planning and the drilling of one exploration well, at an estimated cost of AUD 30 million.Â  Geological and geophysical studies, including well analysis, are scheduled for year four. Additional geological and geophysical studies are outlined for year five, between September 2023 and September 2024.Â  In the final year, another exploration well, also at a cost of AUD 30 million, is scheduled. The total estimated cost for the six year work programme is AUD 61.4 million.  VIC/P76 was awarded after being offered as block V18-1 in the 2018 Offshore Federal Acreage Offer. It is the second permit awarded to Cooper Energy from the 2018 Acreage Offer, with VIC/P75, located in the Gippsland Basin, awarded on 2 September 2019. The VIC/P76 permit lies adjacent to VIC/P44, in which Cooper made the Annie gas discovery in September 2019.  VIC/P76, which covers an area of 162 sq km, was awarded on 17 September 2019.Â  Cooper Energy (MGP) Pty Ltd holds 100% interest and operatorship of the permit.
Australia (Otway B.)	Cooper secured sole rights to VIC/P76 (162kmÂ²) undrilled offshore block, WD=60-70m. It is surrounded by the Minerva, Casino, Henry and Netherby gasfields and abuts the recent Annie discovery.