The reports say that drilling has identified the new gas field within Waarre C formation reservoir.
It's the first new Otway Basin gas field discovery from offshore drilling in 11 years.
Annie-1 is the first offshore gas exploration well Cooper Energy has drilled in Australia and the first of an $80 million drill campaign by the Joint Venture with Mitsui this year to find new gas supply for south-east Australia.
Cooper Energy (ASX:COE) are trading 11.11 per cent higher at $0.65.