Cooper Energy (ASX: COE) announces that the Casino Henry Joint Venture has signed a new gas sales agreement with Origin Energy Retail Limited (Origin Energy) for supply from 1 March 2018 to 31 December 2018.
The new agreement, at current market gas prices, replaces the existing supply agreement with EnergyAustralia which expires on 28 February 2018 and has been in operation since the Casino gas field commenced supply in February 2006.
Origin Energy will purchase 100% of the joint venture’s production which will be processed under a new agreement with Lochard Energy at the Iona Gas Plant for a matching period.
Total production from the field for the financial year to date has averaged approximately 36 terajoules per day. Increased output is expected following the completion of the workover of the Casino-5 well scheduled for February 2018.
Cooper Energy holds a 50% interest in, and is Operator of, the Casino Henry Joint Venture with Mitsui E&P Australia Pty Ltd and AWE Limited both holding 25% interests. The Casino Henry Joint Venture produces gas from the Casino, Henry and Netherby gas fields located in licences VIC/L24 and VIC/L30 offshore Victoria in the Otway Basin (refer Figure 1 following). The joint venture parties also hold the adjoining VIC/P44 exploration permit and VIC/RL11 and VIC/RL12 retention licences.
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