Cooper’s first Sole sales agreement

Australia

SYDNEY, August 3, 2015 – Cooper Energy secured its first sales agreement of its Sole gas project located offshore southeast Australia. The Adelaide-based company agreed to supply one 26.9 mcm of gas annually to glass container company O-I Australia for eight years or the life of the field.

This amount of gas that Cooper will supply is 8 percent of its share of production from the field. Cooper has a 50 percent share in the field with Australian oil and gas producer Santos owning the other half.

Cooper’s managing director David Maxwell said that other companies have relayed interest in acquiring supplies of gas from the Sole project. “We expect to secure further agreements for the sale of gas from Sole over the remainder of the current calendar year, which will underwrite development of the field,” he added.

Santos and Cooper began the front-end engineering and design stage of the Sole gasfield in May 2015, which is expected to cost about $20 million. Both companies expect the field to supply 651 mcm of gas annually for eight years.

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