Cooper Energy (ASX:COE) has been awarded the offshore exploration permit VIC/P75 in the Gippsland Basin, off Victoria.
This is in the central area of the Gippsland Basin surrounded by major oil and gas fields including the Marlin, Snapper and Barracouta gas fields to the north and the Kingfish and Fortescue oil fields in the south and east.
Cooper Energy Managing Director David Maxwell said the new permit added to the Gippsland Basin position being built by the company.
He said: “The Gippsland Basin is the major gas-producing region in southeast Australia and presents as a competitive supply source for new developments".
Shares in Cooper Energy (ASX:COE) opened flat at $0.57.