Costs are running at 81 per cent of budget and the project remains on schedule for a final investment decision in the September quarter of 2016, with plans in place to accelerate FEED progress against plan in the forthcoming quarter.
The project involves the development of the Sole gas field, as well as subsea tie-back and an upgrade to the Orbost Gas Plant.
Cooper Energy Managing Director David Maxwell said “Cooper Energy is set for an intense six months as we progress the development of the first of our cost competitive Gippsland Basin gas projects – ideally located to supply eastern Australia gas customers.
“The Sole Gas Project can transform the company and is on schedule and below budget for final investment decision in the September quarter of this year,”? he said.
Cooper Energy acquired a 50 per cent interest in the Sole gas field, as well as a 50 per cent interest in the Orbost Gas Plant, in December 2014, alongside operator Santos’s 50 per cent interest.
WorleyParsons subsidiary, Intecsea, was awarded the FEED contract for the Sole Gas Project in August 2015.