Cooper Energy (ASX:COE) has been awarded an offshore exploration permit located in the Gippsland Basin, offshore Victoria.
The VIC/P72 permit adjoins the company’s VIC/L21 licence which holds the depleted Patricia-Baleen gas field and its associated subsea production infrastructure.
The exploration permit is located in close proximity to several Esso-operated gas and oil fields.
Cooper Energy Managing Director David Maxwell said it is an attractive and logical addition to the company’s gas exploration portfolio.
The permit has been awarded to Cooper Energy for a six-year term, of which the first three years is a guaranteed work program.
Shares in Cooper Energy (ASX:COE) are up 1.35 per cent to $0.38.