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CALLAWONGA - MAY DRILL ADDITIONAL 2 WELLS BASED ON SUCCESS OF CALLAWONGA 5 & 6.


Callawonga-5 will be drilled on a structural ridge between Callawonga-1 and Callawonga-4, and Callawonga-6
will be drilled on the south western flank of the field.

The wells are expected to cost A$1.4 million (Cooper share A$0.35 million) each to drill, case and suspend, demonstrating the low cost development opportunities that Cooper Energy is pursuing onshore Australia.

The PEL92 Joint Venture has identified four potential well locations in the Callawonga Oil Field and the Joint Venture may decide to drill an additional two wells following evaluation of the results from Callawonga-5 and Callawonga-6.
At this time, it is expected that Callawonga-5 and Callawonga-6 will be drilled back to back with the
Gunyah-1 and Perlubie-1 PEL92 exploration wells, which are scheduled to be drilled in early December 2008 (see ASX announcement COE100908a), resulting in a late December 2008 or early January 2009 spud.

Cooper Energy is pleased to continue with the program of low cost and low risk development onshore Australia. In the event of a successful outcome, the Company looks forward to these wells contributing to Cooper Energy’s reserves, production and revenue portfolio.