Cooper Energy (ASX:COE) has been granted an exploration permit in the Gippsland Basin, offshore Victoria.
The permit is adjacent to several gas and oil fields, while the primary three-year term is a guaranteed work program consisting of licencing 3D seismic data and geological and geophysical studies. The company said its estimated chance of technical success is at 34 per cent.
“The Gippsland Basin is the major gas-producing region in southeast Australia and is a competitive supply source for new developments. VIC/P80 adds to our growing Manta Gas Hub potential and continues our efforts to identify and bring new gas supply to eastern Australia,” said managing director David Maxwell.
Shares in Cooper Energy (ASX:COE) are trading 3.7 per cent higher at $0.28.