Cooper Energy discovers new gas field in Otway Basin in Victoria

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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.
 
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Source: Finance News Network