Cooper Energy discovers new gas field in Otway Basin in Victoria

Company News

by Rachael Jones

Cooper Energy (ASX:COE) announced that the exploration well Annie-1 has made a new gas field discovery in the Otway Basin offshore Victoria.

The reports say that drilling has identified the new gas field within Waarre C formation reservoir.

It's the first new Otway Basin gas field discovery from offshore drilling in 11 years.

Annie-1 is the first offshore gas exploration well Cooper Energy has drilled in Australia and the first of an $80 million drill campaign by the Joint Venture with Mitsui this year to find new gas supply for south-east Australia.

Cooper Energy (ASX:COE) are trading 11.11 per cent higher at $0.65.

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.