Cooper board behind Sole plan

Australia

ADELAIDE, March 29, 2017 – Cooper Energy on Wednesday announced that it had secured board approval for the Sole gas project.

The offshore development, to take place in the Gippsland basin’s VIC/L32 area, carries an estimated price tag of USD 271.1 million. As of March 29, Cooper had raised close to 44% of the required equity, with plans in place for an offer of new shares to secure the outstanding amount.

Gas from the projects two wells, located in 25 metres of water, will be transported via 64-kilometre subsea pipeline to Victoria’s Orbost gas plant, which will be upgraded prior to receiving the gas.

Main contractor for the Sole gasfield development project is Subsea 7, which earlier this month bagged the contract for the project’s pipeline, manifold, umbilical and spool.

First gas is tentatively scheduled for March 2019.