Through its wholly owned subsidiary, Somerton Energy, the company will hold interests of 20% and 25% respectively in PEP 150 and PEP 171.
According to Cooper Energy, the permits will be prospective for both oil and gas exploration in the Sawpit and Casterton Formations.
Initial activity is expected to comprise acquisition of 3D and 2D seismic in 2014, followed by exploration drilling in both PEP 150 and PEP 171 permits in subsequent years.
Cooper benefits from about 500,000 barrels of oil production annually from the Cooper Basin, South Australia, with about 350 barrels of oil per day gross production from its Sukananti KSO in Indonesia.