Cooper Energy Ltd was awarded retention lease VIC/RL16, located in the Gippsland Basin, on 9 April 2020. The licence has been awarded for a period of five years and will expire, or be eligible for renewal, on 8 April 2025.  Under the terms of the award, work commitments have been assigned. These consist of geological, geophysical and engineering studies, which will include seismic interpretation, prospectivity review, reservoir modelling, facilities sharing studies, monitoring of industry innovations, reviewing opportunities within the market and maintaining the existing subsea infrastructure. The total cost of the five year programme will be around AUD 3.5 million.  The licence lies over the area previously covered by production licence VIC/L21, which is assumed to have been relinquished upon the award of VIC/RL16.  VIC/RL16 contains the Patricia-Baleen and Sperm Whale fields, discovered in 1981 and 1982 respectively. Patricia-Baleen produced between 2003 and 2008, but has since been abandoned. Sperm Whale has not yet been developed.  VIC/RL16, which covers an area of 135 sq km, was awarded on 9 April 2020. Cooper Energy (PBF) Pty Ltd holds 100% interest and operatorship of the permit.
Cooper secured sole rights to retention lease VIC/RL16 (135 sq km).