re: on further review for ian OPERATIONAL UPDATECHRISTIES-3 AND...

re: on further review for ian OPERATIONAL UPDATE
CHRISTIES-3 AND CHRISTIES OIL FIELD
HIGHLIGHTS
o Production test of the Birkhead/Hutton reservoir in Christies-3 flowed 2,397 barrels of
oil per day with no water.

o Namur reservoirs in Christies-3 perforated and isolated for testing and production
later by a workover rig.

o Christies oil field now developed by three production wells.

o Christies-2 and Christies-3 wells expected to be tied into the Christies oil field
facilities by mid October 2004.

o Christies oil field to produce around 1,700 barrels of oil per day (Cooper’s share 425
barrels of oil per day) once wells tied in.

o Christies field has a potential production capacity of up to 3,500 barrels of oil per day
(Cooper’s share up to 875 barrels of oil per day).

CHRISTIES-3 DEVELOPMENT WELL RESULTS
Christies-3 (Cooper Energy 25%) was spud on 19 September 2004 and reached a total
depth of 1,857 metres on 28 September 2004. The well has been cased and completed as
a third production well on the Christies oil field.
The two new oil pools that were discovered in the Namur formation by Christies-2 were
further confirmed by electric log in Christies-3. The top Namur reservoir showed oil on the
log between 1,347-1,352 metres and the mid-Namur reservoir showed oil on the log
between 1,379-1,386 metres.

The Namur formation is also present in Christies-1 with some minor oil shows in the mid-
Namur section between 1,374-1,376 metres. This was considered too thin to warrant testing
during the exploration drilling phase or after completion in the production well.
The Namur oil zones in Christies-3 have been perforated and suspended, and these will be
production tested later when a workover rig becomes available.
In Christies-3, the main producing Birkhead oil reservoir was encountered between
1,613-1,629 metres. The Hutton oil reservoir was encountered between 1,634-1,641 metres
confirming the deeper oil-water contact encountered in the Christies-2 well. After completion
of Christies-3, a production test of the Birkhead/Hutton reservoir flowed 2,397 barrels of oil
per day and no water.

CHRISTIES OIL FIELD RESERVES
The two new Namur reservoirs discovered in Christies-2 and confirmed in Christies-3 have
preliminary assessed oil in place of 1.6 million barrels and ultimate recoverable reserves of
approximately 620,000 barrels of oil.
Total ultimate recovery for the Christies oil field has been recalculated to approximately 1.35
million barrels of oil (337,500 barrels Cooper’s share, which corrects the previously stated
number in the ASX release on 17 September 2004).
To 30 September 2004, the Christies field had produced approximately 110,000 barrels of
oil, leaving reserves of 1.24 million barrels (310,000 barrels of oil reserves Cooper’s
share, which corrects the previously stated number in the ASX release on 17 September
2004).

In addition to the reserves increase from the new Namur oil pools, the deeper contact
encountered by Christies-2 and confirmed by Christies-3 in the Birkhead / Hutton will also
impact the reserves estimates for the Christies oil field. The current interpreted Birkhead
structure may not be big enough to contain the oil column height encountered in both
Christies-2 and 3 and strengthens the case that Christies could be a stratigraphically trapped
field. If so, this would lead to an upward re-determination of reserves for the Birkhead/Hutton
reservoir.

CHRISTIES OIL FIELD PRODUCTION
Christies-3 has the potential to add approximately 1,500-2,000 barrels of oil per day capacity
to the expected production from Christies-1 and Christies-2. This production increase will
bring the Christies oil field potential capacity up to 3,500 barrels of oil per day (up to 875
barrels of oil capacity per day Cooper’s share).
At this time the main production bottleneck is truck availability. The Joint Venture is working
to resolve this as soon as possible. The actual field production rate will be in the order of
1,700 barrels of oil per day (425 barrels of oil per day Cooper’s share).

FORWARD PLAN
Christies-2 and Christies-3 will be tied into the Christies facilities around mid-October at
which time all wells will be available for full production.
As per good oil field practice, the joint venture will continue to assess development
opportunities for the Christies oil field with the view of maximising the economic reserves
from the oil field.
Yours sincerely
Cooper Energy NL
Michael Scott
Chief Executive Officer