In its first year Cooper produced 23,035 barrels of oil from a 25% share of Sellicks production. This is forecast to increase five fold to just over 155,000 barrels by the end of June 2004, with production sourced from Sellicks, Christies and Worrior.

Cooper's net share of proven and probable oil reserves currently stands at 1.4 million barrels, and its share of production is a net 700 - 800 barrels of oil per day (bopd), rising to 800 - 1000 bopd by June 2004.

In his address to shareholders at the company's AGM, chairman Greg Hancock said the company's exploration program is on the verge of being self funded.

"Over the past 12 months, our efforts have resulted in additional oil discoveries at Christies and Worrior, and two gas discoveries at Kiwi and Worrior," he said.

Hancock said the Worrior discovery, with oil found in the McKinlay, Birkhead and Hutton formations and gas found in the Patchawarra, with preliminary estimates of between 5-10 BCF gas in place, was the highlight of the year for Cooper.

During completion operations on Worrior short clean-up flows were conducted on each zone. The Birkhead, which originally flowed 2,000 barrels per day of fluid to surface including about 400 barrels of oil, flowed 3,000 barrels per day of oil.

Extended production testing began at Worrior this week at between 1,250-1,600 bopd.

Hancock said Worrior's production will continue at this rate until the pipeline feasibility and construction is completed in the 2004/2005 financial year, when levels could rise significantly, perhaps up to 2,500 bopd.

"The flow rates observed from Worrior, particularly those for the Birkhead, attest to the likelihood that this well will be very productive once the pipeline is in place," he said.

Sellicks was shut-in for recompletion during August to bring the lower zone into production for the first time. Commencing next week a jet pump will be utilised to lift production to about 1,000 bopd.

Hancock said Christies began extended production testing in October and is currently producing at an average rate of just over 500 bopd. Two development wells are likely to be drilled in the first half of calendar 2004, and this is expected to lift production to over 1,000 bopd.